Punjab

Now avail benefit of increased financial assistance up to Rs. 50 lakh under PMEGP for setting up business- DC Ghanshyam Thori

Punjab Tribune Bureau | May 18, 2022 03:33 PM

Calls upon youngsters to become self-reliant by emerging as entrepreneurs to tackle curse of unemployment

Also directs district industries centre to support maximum applicants seeking financial aid

 JALANDHAR: Asserting that the self-employment can lift the curse of unemployment, Deputy Commissioner Ghanshyam Thori today exhorted youngsters to become masters of their own destiny by setting up their own enterprise as the government has recently increased financial assistance from Rs. 25 lakh to Rs. 50 lakh under Prime Minister Employment Generation Programme (PMEGP), thereby opening up new vistas of self-employment for the unemployed youths.
 
Divulging the details, the DC said that under this scheme earlier applicants were eligible for a subsidized financial aid worth Rs. 25 lakh for establishing a manufacturing unit while Rs. 10 lakh for service sector which now has been increased to Rs. 50 lakh and 20 lakh respectively. To promote entrepreneurship and generate employment through financial assistance to individuals, PMEGP now offers maximum assistance of Rs 50 lakh for setting up new manufacturing units and Rs 20 lakh for new service units, he added. The deputy commissioner further stated that the scheme allows any individual, above 18 years of age and at least VIII grade pass, to apply for assistance where as Self-help groups, production co-operative societies, charitable trusts etc., are also eligible. He also said that existing units can also avail the benefit to further expand their business adding that applicants for general category are eligible for 15-25 percent subsidy on the loan while applicants from SC/BC category can get subsidy up to 35 percent. After 3 years, beneficiaries are eligible for additional loan facility worth Rs. One crore under the scheme. He also appealed youngsters to start their own enterprise by taking financial assistance under this scheme so that they can script their own success stories where they would not only get employment opportunities for themselves but also be able to provide it to many others.
 
Pointing out further, General Manager District Industries Department (GMDIC) Deep Singh Gill said that last year the department had approved 225 cases under this scheme adding that the eligible applicants can apply online at www.kvic.org.in by uploading required documents including their photo, aadhar card, category certificate, project report, qualification proof after which the case would be assessed by the department on a point based system for further referral to the banks concerned. The GM also said that the eligible beneficiaries can also dial 98725-68786 for further information about this scheme. 

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