PMEGP is an acronym for the Prime Minister Employment Generation Program, which is a central government scheme allowing the credit-linked subsidy. This particular scheme allows the beneficiaries to get a subsidy of around 15% to 35% on the cost of every project. PMEGP is an amazing step taken by the MSME or Micro, Small, and Medium Enterprises and it is somehow implemented on the national level by KVIC also known as Khadi and Village Industries Commission. If you are an entrepreneur or aspiring to be one, the PMEGP possibly offers you the financial assistance required to create a brand-new project. One can go on the MSME portal to officially take the advantage of the scheme. The scheme is enforced by the Khadi and Village Industries Commission (KVIC) performing because of the nodal agency at the public position. At the state position, the scheme is enforced through State KVIC Directorates, State Khadi and Village Diligence Boards (KVIBs), District Diligence Centres (DICs), and banks. In similar cases, KVIC routes government subvention through designated banks for eventual disbursal to the heirs/ entrepreneurs directly into their bank accounts Purpose of PMEGP Scheme: • To generate new employment possibilities in rural as well as urban communities throughout the nation, with the establishment of new self-employment projects and opportunities, through micro-enterprises and ventures. • To enhance the income-earning ability of the artisans and somehow improve the growth of rural and urban employment as much as possible. • To provide amazing self-employment opportunities for a broad range of artisans and also the unemployed rural and urban youth to the needed degree, at their possible location. • To acquire continuous and sustainable employment for rural and unemployed youth and traditional craftsmen/artisans and hence put a stop to the migration of rural youth towards the urban cities. Eligibility Conditions required for the Grantees • Person exceeding the minimum age limit of 18 years. • There will be no income ceiling for backing for setting up systems under PMEGP. • For setting up of the design going over 10 lakhs in the manufacturing sector and exceeding 5 lakhs in the business/ service sector, the heirs should retain at least VIII standard pass educational qualification. • Under the PMEGP, the backing is available only for new systems sanctioned specifically. • PMEGP also backs Self Help Groups. • Institutions registered under Societies Registration Act, • Product United Societies, and • Charitable Trusts. • Being Units (under PMRY, REGP, or any other scheme of Government of India or State Government) and the units that have formerly profited Government Subsidy under any other scheme of the government of India or the State Government aren't eligible.
