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Dhamtari, Oct 16 (IANS) As Prime Minister Narendra Modi envisions a nation where all youth are economically empowered and self-reliant with access to meaningful employment, the central government is implementing the Prime Minister’s Employment Generation Program (PMEGP).
Under this scheme, adequate government subsidy as well as loans are being provided for the establishment of small and micro industries. This initiative is providing better opportunities to the youth to start their own enterprises, allowing them to not only become independent but also create employment for others.
One such success story has come from Dhamtari district of Chhattisgarh, where a youth is shaping his future by taking full advantage of the scheme. At a time when unemployment is one of the biggest challenges in the country, and many youth focus only on securing a government job, PM Modi’s PMEGP scheme is providing an alternative route, empowering the youth to set up their own businesses.
Under PMEGP, the government provides loans up to Rs 10 lakh to set up industries, with the government also providing a subsidy of up to 40 percent.
Shakir Khan, a resident of Dhamtari, is one of the many beneficiaries of this scheme. He has started a small restaurant using a loan of Rs 10 lakh under PMEGP. Today he is supporting his family and earning a good income. Expressing his gratitude, he thanked Prime Minister Modi for launching a scheme that has helped him stand on his feet.
Launched in August 2008, PMEGP is a credit-linked subsidy program administered by the Ministry of Micro, Small and Medium Enterprises (MSME). The objective of the scheme is to generate employment opportunities through the establishment of micro enterprises in both rural and urban non-agricultural areas.
The scheme has been approved for continuation during the 15th Finance Commission cycle, covering five years from 2021-22 to 2025-26. PMEGP was formed by merging two previous schemes – Pradhan Mantri Rozgar Yojana (PMRY) and Rural Employment Generation Program (REGP), both of which were operational till March 31, 2008.
An outlay of Rs 13,554.42 crore has been approved for PMEGP in these five financial years to support the setting up of approximately 4,00,000 projects and creation of 30,00,000 jobs, employing an average of eight persons per unit. Additionally, 1,000 existing units will be upgraded every financial year.
–IANS
JK/VD