Prime Minister’s Employment Generation Programme(PMEGP)
Comprehensive Scheme to Promote Self-Employment
Eligibility: Any individual, above 18 years of age can apply.
Entrepreneurship has emerged as a crucial element in driving economic growth and development in India. The government of India has been undertaking various initiatives to support and promote entrepreneurship in the country. One such initiative is the Prime Minister’s Employment Generation Programme (PMEGP). Launched in 2008, the scheme is implemented by the Ministry of Micro, Small and Medium Enterprises (MSME) to provide financial assistance to individuals to set up self-employment ventures and generate sustainable employment opportunities in rural as well as urban areas.
Objective of PMEGP
Objective of PMEGP :The primary objective of the scheme is to provide assistance to unemployed youth, prospective traditional artisans, and individuals from rural and urban areas to set up their own micro-enterprises in the non-farm sector. By doing so, the scheme aims to generate continuous and sustainable employment opportunities and thereby halt occupational migration. The PMEGP scheme offers a bank-financed subsidy program for setting up new micro-enterprises.
Margin Money Subsidy and Own Contribution:
Margin Money Subsidy and Own Contribution: Under the scheme, the margin money subsidy on bank loans ranges from 15% to 35% for projects up to Rs. 50 lakhs in the manufacturing sector and Rs. 20 lakhs in the service sector. Moreover, beneficiaries belonging to special categories such as SC/ST/Women/Minorities/Ex-Servicemen/Transgender/aspirational districts/NER can avail a margin money subsidy of 35% in rural areas and 25% in urban areas. The own contribution of the beneficiary is 10% of the project cost in case of general category and 5% of the project cost in case of special category (SC/ST/OBC/PH/Women/Ex-Servicemen/NER) beneficiaries.
Benefits of PMEGP
Benefits of PMEGP: The PMEGP scheme has various benefits for entrepreneurs in India. Firstly, the scheme helps in generating sustainable employment opportunities in both rural and urban areas. Secondly, it provides financial assistance to individuals to set up their own micro-enterprises in the non-farm sector. Thirdly, the scheme promotes entrepreneurship among the youth and traditional artisans. Fourthly, the scheme enables individuals to become self-reliant and contribute to the economic growth of the country.
Conclusion
Conclusion: In conclusion, the Prime Minister’s Employment Generation Programme is a comprehensive scheme that provides financial assistance to individuals to set up their own micro-enterprises in the non-farm sector. The scheme offers a bank-financed subsidy program, margin money subsidy, and own contribution to beneficiaries. With its various benefits, the scheme has proved to be a boon for entrepreneurs in India. Therefore, individuals who aspire to become entrepreneurs and contribute to the growth of the country can benefit from the PMEGP scheme.
While applying for the PMEGP scheme may seem straightforward, the process can be time-consuming and confusing, especially for first-time applicants. That’s where Talam comes in – we offer hassle-free solutions for entrepreneurs to apply for the PMEGP scheme and other government-sponsored schemes. With Talam, you can avoid the hassle of visiting multiple government departments and filling out lengthy forms. Our team of experts can guide you through the entire application process, from document preparation to submission, ensuring that your application is complete and error-free. So, if you’re looking for a hassle-free solution to apply for the PMEGP scheme in Tamil Nadu, do approach Talam and let us help you achieve your entrepreneurial dreams.
How talam can help?
We provide a range of services that are tailored to the needs of MSMEs. We work with you to identify your needs and provide the best solution.
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