PMEGP empowers 8.12 lakh micro entrepreneurs with Rs 24,398 crore financial assistance
New Delhi, Oct 3 (IANS) Nearly 8.12 lakh micro entrepreneurs have been assisted with margin money (MM) subsidy to the tune of Rs 24,398.61 crore since FY2014-15 under the Prime Minister’s Employment Generation Programme (PMEGP) for creating sustainable employment opportunities to 73.08 lakh people, according to the government.
PMEGP, a flagship initiative of the Ministry of Micro, Small and Medium Enterprises (MSME) and implemented by the Khadi and Village Industries Commission (KVIC), plays a crucial role in promoting self-employment by enabling the establishment of new micro-enterprises in the non-farm sector, particularly in rural and semi-urban areas.
Under the scheme, prospective entrepreneurs are provided with financial assistance in the form of Margin Money (MM) subsidy on bank-sanctioned loans providing much needed impetus to enterprise creation.
The programme is transforming the aspirations of ordinary individuals into successful enterprises by providing easy access to credit supported by MM subsidy. It enables first-generation entrepreneurs to establish viable businesses, turning job seekers into job creators.
The success of PMEGP is best reflected in the inspiring journeys of its beneficiaries, who have transformed their entrepreneurial aspirations into thriving enterprises.
Founded by Pooja Sharma in Parwanoo, Himachal Pradesh, ‘Skinkaanti Ayurveda’ exemplifies remarkable growth from a modest micro-enterprise into India’s largest handmade soap manufacturing unit.
Established with a project cost of Rs 25 lakh and supported by State Bank of India, the enterprise today records an impressive annual turnover of Rs 30 crore and provides employment to 300 individuals, of which 95 per cent are women.
By blending Ayurvedic principles with modern scientific techniques, the unit has achieved significant technological breakthroughs, including improved manufacturing efficiency and cost reduction, while supplying products across India through diverse retail and institutional channels, said the ministry.
Established by Surender Pal Singh Nagi in Mohali, Punjab, Ess Pee Quality Products has evolved into a globally competitive food processing enterprise.
With an initial project cost of Rs 21 lakh financed by Bank of Baroda, the unit has grown into a Rs 38 crore turnover business, generating employment for around 130 individuals.
The enterprise manufactures honey, cookies, and fruit jams, and exports to 26 countries, including the US, Australia, and France.
—IANS
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