PMEGP Scheme Updates, Changes, and Important Information

The Prime Minister’s Employment Generation Programme (PMEGP) is a flagship initiative launched by the Government of India to generate employment opportunities through the establishment of micro-enterprises in both rural and urban areas. The scheme, administered by the Ministry of Micro, Small, and Medium Enterprises (MSME), aims to harness the potential of unemployed youth by providing them with financial assistance to start their ventures. Below are key points highlighting the features and benefits of the PMEGP scheme:

• Objective: The primary aim is to create self-employment opportunities by setting up new micro-enterprises and small businesses, thus promoting entrepreneurship among the youth.
• Financial Assistance: PMEGP offers a subsidy of 15–35% of the project cost, depending on the location (urban/rural) and the category of the applicant (general, SC/ST, women, etc.).
• Eligibility: Individuals above 18 years, self-help groups, cooperative societies, and charitable trusts are eligible to apply. There is no income ceiling for setting up projects under PMEGP.
• Loan Facility: Beneficiaries can avail of bank loans covering 90–95% of the project cost. The maximum project cost is Rs. 25 lakh for manufacturing units and Rs. 10 lakh for service units.
• Implementation: The scheme is implemented through Khadi and Village Industries Commission (KVIC), State KVIC Directorates, and State Khadi and Village Industries Boards (KVIBs).
• Training Support: Beneficiaries receive training for entrepreneurship development, helping them manage their enterprises efficiently.

Read More:- https://instantliveyourpost.com/boost-your-business-with-the-pmegp-scheme/