The Prime Minister’s Employment Generation Programme (PMEGP) is a government program that provides employment opportunities by establishing micro-enterprises in rural and urban areas. The PMRY and REGP schemes were merged to create PMEGP in order to generate jobs for those in the non-farm sector.
Benefits
- It’s easy to get rated by high-quality rating agencies when you’re an MSMEs. These reputable companies help small businesses upgrade their competence in terms of technologies and other areas. We recommend talking to any company you encounter that offers this service.
- MSMEs that are rated under NSIC-“Performance and Credit Rating scheme”– have the liberty to get rated by any one of the rating agencies of their preference.
- Businesses are more attractive to banks when they have an established credit rating. They often get better interest rates for borrowing money and can even qualify for loans with lower down payments.
Who can apply?
Anyone over 18 years old is eligible to apply. For projects that cost up to 10 lakhs in the manufacturing sector, and 5 lakhs in the service/business sector, the beneficiary must be at least VIII standard. Projects that cost more than these amounts are only eligible if they are new. SHGs (provided they have not availed benefits from any other schemes), registered institutions under the Societies Registration Act of 1860, Production Cooperative Societies, and Charitable Trusts are also eligible.
A lot of people may be wondering whether they’re eligible for this program. Unfortunately, only units that are not already enrolled in any existing programs (like PMRY or REGP) are eligible. Units that have already availed government subsidy under other government-sponsored programs can’t participate.
Conclusion
The Prime Minister Employment Generation Programme is a great initiative that can help create jobs and boost the economy. However, it is important to remember that this programme is not a panacea for all of our employment woes. We need to continue to work hard to create an environment that is conducive to job creation so that more people can benefit from this programme.
