Home / Knowledge / News / Textiles / Indian govt releases Rs 12.76bn to back MSME projects
Indian govt releases Rs 12.76bn to back MSME projects
21
Nov '12
The Government of India has released Rs. 12.76 billion in the current fiscal year 2012-13 to support 53,826 Micro, Small and Medium Enterprises (MSME) projects, including those belonging to textile and garment industry, which is likely to generate around 431,000 jobs.
 
The sum has been released from the proposed outlay of over Rs. 90 billion for the Prime Minister's Employment Generation Programme (PMEGP) announced under the XII Five-Year Plan (2012-17),
Minister of MSME KH Muniyappa said, while speaking at the inaugural ceremony of Techmart at the India International Trade Fair (IITF) 2012.
 
The PMEGP scheme is intended at creating employment opportunities by setting up micro enterprises like rural industrial units. 
 
Under PMEGP, it is proposed to spend Rs. 97 billion to launch 400,000 projects, with margin cost of Rs. 2.3 million per project, and generation of around 3.2 million jobs in all, the Minister said.
 
Under the scheme, rural and urban entrepreneurs of general category are respectively provided subsidy of 25 percent and 15 percent of the project cost. Rural and urban entrepreneurs belonging to underprivileged sections of the society qualify for a 35 percent and 25 percent subsidy, respectively.
 
The Minister also directed the Khadi and Village Industries Commission (KVIC), the nodal agency responsible for implementation of the scheme, to find ways to further develop the village and cottage industries.
 
KVIC fixes targets for its field officers and the khadi and village industries boards of different states.
 
About 26 million MSMEs functional in the country contribute to around 45 percent of the overall manufactured output of the nation, and around 40 percent of its exports. The MSME sector employs over 60 million people across the country.
 
Mr. Muniyappa also inaugurated the Cori Pavilion at the fair and also the MSME Expo- 2012, featuring a wide range of products.
 

Fibre2fashion News Desk - India


Must ReadView All

FDI in Vietnamese textile-garment projects on the rise

Apparel/Garments | On 24th Jun 2018

FDI in Vietnamese textile-garment projects on the rise

The European Union-Vietnam Free Trade Agreement and the Comprehensive ...

Courtesy: Alizilla

Apparel/Garments | On 24th Jun 2018

Alibaba Group sets up office in Kuala Lumpur

Strengthening its commitment to Malaysia, Alibaba Group has set up an ...

Bombay Dyeing plans to wind up Indonesian JV

Textiles | On 24th Jun 2018

Bombay Dyeing plans to wind up Indonesian JV

Bombay Dyeing & Manufacturing Co Ltd plans to wind up its loss making ...

Interviews View All

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search