The Pradhanmantri Rojgar Yojana or Pradhan Mantri Rozgar Yojana as it is known has been initiated by the Government of India with a view towards ensuring self-employment opportunities that are sustainable, for 10 lakh educated and unemployed women and urban youth in the country.
The scheme was launched in the year 1993 and the PMRY implemented this scheme by offering financial support for starting personal ventures/enterprises in the manufacturing, services, and trading sectors.
PMRY has an aim towards enabling the establishment of a whopping 7 lakh micro-enterprises and ventures through the induction of business/service ventures over a duration of two years and six months.
Small Scale Industries or SSI will tap into a vision for utilizing local resources and other technologies for productive pursuits and tapping micro-level local markets. There will be zero collateral required for projects up to Rs. 1 lakh as well.
The PMRY scheme 2023 lists out a few key aspects that you should be more aware of. These include the following:
The cost of project coverage under PMRY will be Rs. 2 lakh for the business sector and Rs. 5 lakh each for the industry and service sectors. Training will be given for 15-20 days for helping in setting up business ventures. The primary body for the scheme will be the Development Commissioner of the SSI under the Union Ministry of Small Scale, Rural and Agro Industries which is the supervisory body for this program.
The Commissioner/Director of Industries will hold responsibility for scheme implementation at State levels with the exception of India’s four metropolitan cities. Each quarter, the state-level PMRY Committee will be tracking the scheme progress, and implementing agencies will be India’s metropolitan cities. This is the implementation framework approved by the Government for the scheme in question.
The coverage will include small tea gardens, poultry, fishing, horticulture, and piggery among other fields. Easy EMIs (Equated Monthly Installments) for the initiation of the business of the borrower will be allowed. The North Eastern Region will have subsidies at 15% with the upper limit of Rs. 15,000 along with assistance eligibility for project costing up to Rs. 2 lakh. The margin money may hover between 5-12.5% of the cost of the project.
Make sure that you keep all these documents handy before you apply online for the scheme. Make sure that all documents are properly uploaded in order to keep any future hassles at bay.
There have been some modifications done for the PMRY scheme where the upper age threshold has been increased by 10 years beyond the age of 35 for women and Scheduled Castes and Scheduled Tribes alike. Here are some other things that you need to know.
Keep the annual family income regulations in mind before applying and also the repayment schedule of 3-7 years. The Pradhan Mantri Rozgar Yojana is a pioneering scheme aimed at inculcating the spirit of enterprise amongst educated and unemployed men and women who are eligible. This will help in fostering the growth of small and micro enterprises while enabling personal welfare and societal welfare through income and employment generation as well.