Ministry of Micro, Small and Medium Enterpriseshttps://esminfoclub.com/after-and-before-retirement-must-do-action-steps-for-jcos-or/amp has introduced this special employment general scheme and Exservicemen may get registered themselves and avail as per rules.
Objective of the Scheme is to provide financial assistance to set up self-employment ventures and generate sustainable employment opportunities in rural as well as urban areas. This scheme proved exemplary results in generating sustainable and continuous employment opportunities to rural and unemployed youth as well as prospective traditional artisans and thereby halt occupational migration.
Key Benefits of the scheme is Bank financed subsidy program for setting up new micro-enterprise in non – farm sector. It provides Margin Money subsidy on Bank Loan ranges from 15% to 35% for projects up to Rs 50 Lakh in manufacturing and Rs 20 Lakh in the service sector.
For beneficiaries belonging to special categories such as SC/ST/Women/Minorities/Ex -Servicemen/ Transgender/aspirational districts/NER, the margin money subsidy is 35% in rural areas and 25% in urban areas.
Eligibility Criteria : Any individual, above 18 years of age may apply. At least VIII standard pass for projects costing above Rs.10 lakh in the manufacturing sector and above Rs. 5 lakh in the business / service sector. Only new projects are considered for sanction under PMEGP. Self Help Groups (including those belonging to BPL provided that they have not availed benefits under any other Scheme), Institutions registered under Societies Registration Act,1860; Production Co-operative Societies, and Charitable Trusts are also eligible. Existing Units (under PMRY, REGP or any other scheme of Government of India or State Government) and the units that have already availed Government Subsidy under any other scheme of Government of India or State Government are NOT eligible.
The maximum cost of the project/unit admissible in manufacturing sector is ₹ 25 lakhs and in the business/service sector, it is ₹ 10 lakhs. Categories of Beneficiary’s Rate of subsidy under PMEGP (of project cost) Area (location of project/unit) General category 15%(Urban), 25%(Rural), Special 25%(Urban), 35%(Rural) (including SC/ ST/ OBC/ Minorities/Women, Ex-servicemen, Physically handicapped, NER, Hill and Border areas, etc.) The balance amount of the total project cost will be provided by the banks in the form of term loan and working capital.
How to Apply for PMEGP
The State/Divisional Directors of KVIC in consultation with KVIB and Director of Industries of respective states (for DICs) will give advertisements locally through print & electronic media inviting applications along with project proposals from prospective beneficiaries desirous of establishing the enterprise/ starting of service units under PMEGP. The beneficiaries can also submit their application online athttps://www.kviconline.gov.in/pmegpeportal/pmegphome/index.jspand take the printout of the application and submit the same to respective offices along with Detailed Project Report and other required documents.
To Whom Contact for the Scheme ?
Other schemes under the project are: 1. Credit Guarantee Trust Fund for Micro & Small Enterprises (CGT SME) 2. Interest Subsidy Eligibility Certificate (ISEC).