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KVIC appointed as nodal agency for PMEGP scheme
Aug '10
The government recently stated that, it has set aside Rs. 9.06 billion for execution of the Prime Minister's Employment Generation Programme (PMEGP) Scheme during 2010-11 fiscal.

Micro, Small and Medium Enterprises (MSMEs) Minister Dinsha Patel informed that, of the total amount of Rs. 9.06 billion that has been set aside for the purpose in accordance with the budgetary estimates, Rs. 8.36 billion is intended to be given as margin money subsidy.

Under the PMEGP Scheme, subsidy to the extent of 15 percent of the project cost will be provided to the urban entrepreneurs and 25 percent to rural entrepreneurs, both belonging to general category.

While, entrepreneurs from weaker section of the society could avail this subsidy to the extent of 25 percent of the project cost for establishments in urban areas and 35 percent for rural areas.

The Scheme is intended at generation of employment by way of establishment of micro enterprises, which even includes industrial units in rural areas.

The Khadi and Village Industries Commission (KVIC), the nodal agency that has been assigned the task to implement the Scheme, delegated the job to its field officers and the Khadi and Village Industries Boards of different states, and has also set targets for them.

Under the Scheme, 39,335 units were provided assistance during 2009-10, as against 25,507 units in 2008-09, the Minister said. India has around 26 million MSME's of which 18.6 million are in service sector.

The MSME's sector's contribution to country's GDP is eight percent, while it contributes 45 percent of the country's manufactured output and 30 percent of all exports.

Fibre2fashion News Desk - India

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