Parliamentary Committee Reviews PMEGP; Focus On MSME Growth & Employment Generation

Chandigarh, Jan 7 (KNN) The Parliamentary Standing Committee on Industry (Rajya Sabha) convened a significant meeting in Chandigarh to discuss the Prime Minister's Employment Generation Programme (PMEGP), with notable participation from Upkar Singh Ahuja, president of the Chamber of Industrial and Commercial Undertakings (CICU). 

The session centered on evaluating and enhancing the PMEGP's role in fostering entrepreneurship and employment creation across India.

Since its inception, the PMEGP has demonstrated substantial impact, facilitating the establishment of 7.8 lakh micro enterprises and generating employment for over 64 lakh individuals nationwide. 

The government has reinforced its commitment to the programme by allocating Rs 2,500 crore for margin money subsidies and Rs 100 crore for modernising existing units in the current fiscal year. 

The initiative provides differentiated support through subsidies of up to 35 percent for special categories and 25 percent for general categories, encompassing both manufacturing and service sectors.

During the proceedings, Ahuja presented key recommendations aimed at strengthening the programme's effectiveness and advocated for streamlined policies to accelerate MSME sector growth. "The PMEGP is a game-changer, especially for rural artisans and unemployed youth. 

It not only creates self-employment opportunities but also curbs urban migration and fosters local economic development," Ahuja stated, highlighting the crucial role of MSMEs in advancing India's economic trajectory.

(KNN Bureau)