MSME Ministry Expands PMEGP Program To Boost Rural Entrepreneurship

ENA MSME 2024-02-06 14:43:19 New Delhi, Feb 6 (KNN) The Ministry of Micro, Small and Medium Enterprises (MSME) in a press release announced Prime Ministers Employment Generation Programme (PMEGP), aimed at supporting entrepreneurs in establishing new ventures within the non-farm sector, particularly focusing on agro-based industries. This initiative targets both rural and urban areas, aiming to stimulate economic activities across the nation. Under PMEGP, beneficiaries are provided with substantial assistance in the form of Margin Money subsidies. General category entrepreneurs can avail a subsidy of 25 per cent in rural areas and 15 per cent in urban areas, while special categories such as Scheduled Castes, Scheduled Tribes, and Women receive higher subsidies of 35 per cent and 25 per cent respectively, depending on the location. The contribution required from beneficiaries varies based on their category, with General Categories contributing 10 per cent and Special Categories contributing 5 per cent of the project cost. The maximum project cost is capped at Rs 50 lakhs for manufacturing units and Rs 20 lakhs for service sector units. In addition to support for new ventures, PMEGP now offers financial assistance of up to Rs 1 crore for the upgradation and expansion of existing units. This includes a subsidy of 15 per cent (20 per cent for certain regions) for well-performing units, further encouraging growth and sustainability. To promote entrepreneurship, the Ministry has introduced various initiatives such as free online Entrepreneurship Development Programmes (EDPs), provision of model Detailed Project Reports (DPRs), webinars, exhibitions, and online marketing platforms. Short films and radio jingles are utilised for awareness campaigns, targeting a wider audience. Furthermore, efforts have been made to enhance accessibility and inclusivity by providing information in regional languages, offering offline application options, and employing flexible training methods. These measures underscore the Ministry's dedication to fostering rural and agro-based industries, driving economic progress, and empowering entrepreneurs nationwide. (KNN Bureau) 36580 https://knnindia.co.in/news/newsdetails/msme/msme-ministry-expands-pmegp-program-to-boost-rural-entrepreneurship 2024-02-06 14:43:19 knnindia.co.in MSME Ministry Expands PMEGP Program To Boost Rural Entrepreneurship