Pradhan Mantri Rozgar Yojana 

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. 

Launch of the Scheme 

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. 

Aim of PMRY

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. 

Vital Aspects of PM Rojgar Yojana 

The PMRY scheme 2024 lists out a few key aspects that you should be more aware of. These include the following: 

• Age- 18-35 is the age threshold for unemployed and educated individuals of the country. 
• Educational Qualifications– The candidates must have passed their 8th standard examinations. 
• Rate of interest– The chargeable rate of interest will be a regular rate. 
• Schedule for Repayment– This will be between 3-7 years post the moratorium initially. 
• Income of the Family– The income of the beneficiary and spouse and the income of parents should not collectively surpass Rs. 40,000 per month. 
• The beneficiary should be a permanent resident of an area for a minimum of three years. This is vital for attaining eligibility for applications under this scheme. 
• The beneficiaries should not be defaulters towards any cooperative bank, bank, or nationalized financial entity. 
• The subsidy will be kept at 15% of the cost of the project, subject to a threshold (ceiling) of Rs. 7,500 for every borrower. 
• There will be reservations for the weaker sections, including STs and SCs, inclusive of women. This will help in empowering these sections of society with a view towards attaining self-sufficiency. 

Project Cost and Implementation Aspects 

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. 

Loan application under PMRY

• Go to the official site of the scheme which is https://pmrpy.gov.in/
• Download the form for application and fill in all necessary details. 
• Submit this filled-up form to the respective banks under this scheme and the concerned banking institution will be contacting you likewise. 

Documents Required for PM Rozgar Yojana

• EDP training certificate
• Driving license
• Copy of proposed project profile
• Qualification, experience, and technical certificates
• Date of birth proof (SSC certificate or TC from school where one studied)
• Proof of residence for three years, ration card, or any other residency proof  
• Income certificate issued by the Mandal Revenue Officer (MRO)
• Caste certificate issued by the MRO if it is applicable 

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. 

Modifications and New Developments 

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. 

• The educational qualifications for women who have eligibility under the scheme have been lowered from the 10th class to the 8th class. 
• The upper limit of the project cost has been enhanced to Rs. 2 lakh from Rs. 1 lakh. 
• The scheme will offer coverage for the agriculture and allied sectors while excluding direct agricultural activities including purchase and manure along with raising crops and other activities. 
• Group financing eligibility has been provided up to a sum of Rs. 5 lakh. 
• The upper age threshold has been scaled up to 40 years throughout the 7 North Eastern States of the country. 
• The minimum applicant age limit is 18 years and the maximum threshold is 35 years for those coming from the North-Eastern States. 
• The maximum limit is 40 years while those in the ST/SC category are 45 years of age. 
• The applicant should have studied Class VIII standard and passed the examination for eligibility as mentioned. 
• The subsidy, as mentioned, will be 15% of the cost of the project, subject to a maximum amount of Rs. 7,500. 

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.