In this article, we are going to provide you with all the information related to the PMEGP scheme 2024 like the application process, documents, eligibility etc. Under this scheme, unemployed youth will be given loans ranging from ₹10 to ₹ 25 lakhs to start their own businesses.
The central government has established the PMEGP scheme to provide employment opportunities to the country’s unemployed youth. Loans ranging from ₹10 to ₹ 25 lakhs are made available to the country’s unemployed youth in order for them to start their own businesses. The primary goal of this scheme is to create job opportunities for the country’s youth through the establishment of micro-enterprises in the non-agriculture sector.
The PMEGP Scheme merges two previous schemes, namely the Prime Minister Rojgar Yojana (PMRY) and the Rural Employment Generation Programme (REGP), both of which aimed to create employment opportunities for young people.
The Parameters used by the Central Government to frame the scheme are as follows –
- Backwardness of the state
- State population
- Availability of traditional skills and raw materials
- Unemployment within the state
PMEGP Scheme 2024: Features
- The government will award 75 projects in each district under this scheme.
- Women, SC, ST, OBC, physically disabled, and NER applicants will receive higher subsidies.
- The government will administer the entire scheme process online. Everything will be done online, starting with the distribution of application forms and ending with the money being credited to the account.
The Prime Minister’s Employment Generation Scheme will be operational until the fiscal year 2025-26, according to the government. The government is expected to spend ₹ 13554.42 crore on this project. With the expansion of this scheme, approximately 40 lakh citizens will gain employment. according to the Minister for Micro, Small, and Medium Enterprises.
The Central Government has also made some other changes as part of this scheme. The maximum project cost for manufacturing units has been increased from ₹ 25 lakh to ₹ 50 lakh, and the maximum project cost for service units has been increased from ₹10 lakh to ₹20 lakh as a result of these amendments. In addition to this, transgender applicants will now be kept in a special category and will receive more subsidies under this scheme.
Subsidy Under PMEGP Scheme 2024
- Under this scheme, unemployed youth of the open category will be given a 25% subsidy to start an industry in the rural sector and a 15% subsidy to start an industry in the urban sector, with a 10% contribution being expected to be provided by you
- Ex-servicemen from the Special Category / OBC (SC, ST, OBC) will be given 35% subsidy for starting an industry in the rural department and 25% subsidy for starting an industry in the urban department, with you, only having to contribute 5%
Industries Which Can Be Set Up Using the PMEGP Scheme Benefits
- Forest-based industries
- Mineral based industries
- Food & agriculture industry
- Engineering & chemical based industry
- Textiles (except khadi)
- Service based industries
- Non-conventional energy-based industries
PMEGP Scheme 2024: Eligibility
- Applicants must be an Indian resident
- The age of the applicant should be more than 18 years
- The applicant should have atleast cleared the 8th grade examination from a recognized school
- Under PMEGP Loan Scheme 2024, the loan will only be given to start a new business. This loan is not given to bring an old business back to life
- In this scheme, the person who has received training from a government institute will be given first priority.
- If the applicant is already receiving benefits from another subsidy scheme, he is ineligible to apply for the Prime Minister’s Employment Generation Program Loan Scheme.
- Cooperative and charitable institutions can also benefit from this scheme.
PMEGP Scheme 2024: Documents Required
- Aadhaar Card of the applicant
- Pan card
- Caste certificate
- Residence certificate
- Certificate of educational qualification
- Mobile number
- Passport size photo
PMEGP Scheme 2024: Application Process
- First of all you have to visit the official website of PMEGP scheme
- Now the home page will open in front of you. After this you have to click on the option of Online Application Form for Individual
- Now the application form will open in front of you
- You have to enter all the important information asked in the application form including Aadhaar Number, Applicant Name, Agency, State, District etc.
- Now you have to click on the option of Save Applicant Data
- You application will now be verified and processed online
