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Credits: News18, FinancialExpress
UP Becomes First State To Achieve 74% Target Under PM Employment Scheme Within 8 Months
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Uttar Pradesh, 20 Jan 2021 9:43 AM GMT
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The Uttar Pradesh government has utilised more than ₹189.04 crores to help around 5,507 enterprises across the state under the Prime Minister Employment Generation Program.
The Uttar Pradesh government has utilised more than ₹189.04 crores to help around 5,507 enterprises across the state under the Prime Minister Employment Generation Program (PMEGP).
In eight and a half months, the government has achieved 74 per cent of the target amount till January 16, reported The Indian Express. With this, the state has topped the list, reporting a higher target than the 48.33 per cent collectively reached by the institutions associated with the scheme.
The government is believed to surpass the target by the end of the financial year.
Two agencies that are part of PMEGP – District Industries Center (DIC) and Khadi and Village Industries Commission (KVIC) used 77 per cent and 36 per cent of the target money, respectively.
Under the PMEGP, a general category beneficiary setting up an enterprise in a rural area is provided with a 25 per cent subsidy of the total project cost, and the same is 35 per cent for every other set of people. For the general category, the promoter equity would be 10 per cent, while in every other case would be 5 per cent.
The unit's maximum cost admissible under the manufacturing sector is ₹25 lakh and under the business/service sector is ₹10 lakh. No interest is charged for the first year to the beneficiaries.
Speaking to the media, a government official credited Uttar Pradesh Khadi and Village Industries Board (KVIB) for reaching 106 per cent against the target. Under the board, over 81.76 crores have been given to 2,378 units and employing more than 21,000 youth.
The agencies were collectively given a target of ₹257.19 crore to 8,573 units, and they accepted proposals from 10,009 companies amounting to more than Rs 320.10 crore 124 per cent of the target.
Board's Additional Chief Secretary Navneet Sehgal said that the progress showed that an adverse situation like a pandemic could be converted into an opportunity.
"Even during the pandemic, the board provided margin money for employment and business to the youth effectively. We made an online system and started a campaign to invite people to become a part of the scheme and benefit. As part of the scheme, the subsidy is first issued by the concerned bank, which claims that amount with us," Sehgal was quoted as saying.
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