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The Prime Minister’s Employment Generation Programme extended through FY26

The Prime Minister’s Employment Generation Programme (PMEGP) has been extended for another five years, until FY26. According to a statement from the union ministry of micro, small and medium enterprises, the PMEGP has been authorised for continuance throughout the 15th Finance Commission Cycle for five years, from 2021-22 to 2025-26, with an outlay of Rs 13,554.42 crore.

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KEY POINTS:

  • The new scheme will be modified as a result of the extension. The government has increased the maximum project cost for manufacturing units from $25 lakh to $50 lakh, and for service units from $10 lakh to $20 lakh.
  • For the scheme, the definitions of village industry and rural area have also been altered. According to the statement, territories under Panchayati Raj institutions will be classified as rural, while areas under municipal jurisdiction will be classified as urban.
  • All implementing agencies, regardless of whether they are rural or urban, are allowed to receive and handle applications in all areas.
  • In addition, PMEGP applicants from aspirational districts and transgender applicants would be recognised as special category applicants and will be eligible for a greater subsidy.
  • According to the firm, the initiative will provide about 40 lakh people with long-term work prospects over the next five years.
  • For special category candidates such as SC, ST, OBC, women, transgender, physically challenged, north eastern region, aspirational, and border district applicants, the margin money subsidy under the scheme would be 25% of the project cost in urban areas and 35% of the project cost in rural regions.
  • The subsidy is 15% of the project cost in urban areas and 25% of the project cost in rural regions for general category applicants.

Prime Minister’s Employment Generation Programme

The Government of India approved the introduction of a new credit-linked subsidy programme called Prime Minister’s Employment Generation Programme (PMEGP) by combining two schemes that were in operation until 31.03.2008, namely Prime Minister’s Rojgar Yojana (PMRY) and Rural Employment Generation Programme (REGP), for the generation of employment opportunities through the establishment of micro enterprises in rural and urban areas. Its goals are to create long-term employment opportunities in rural and urban areas of the country, to provide long-term employment to a large segment of traditional and prospective artisans, and to provide long-term employment to rural and urban unemployed youth in the country by establishing micro enterprises, and to encourage financial institutions to participate in the micro sector by increasing credit flow.

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