As many as 74,415 new micro enterprises were set up in fiscal year 2020-21 under the Prime Minister’s Employment Generation Programme (PMEGP), said Minister of State for MSME Bhanu Pratap Singh Verma.
It is estimated that through these new enterprises 5,95,320 employement has been generated in the same year, informed Verma in a written reply to a question in the Rajya Sabha.
When compared with the previous financial year, the new enterprises established in FY21 were 11 per cent more than 66,653 new units set up in FY20 and marginally up by 1.34 per cent from 73,427 units set up in FY19, said the official data released by the Ministry of MSME.
Similarly, there was a notable increase in the employment generated under PMEGP in FY21 in comparison to 5,33,224 jobs generated in FY20 and 5,87,416 in FY19.
PMEGP is a central government scheme which promotes entrepreneurship and generate employment through financial assistance to individuals and is implemented by the Khadi & Village Industries Commission (KVIC).
It offers maximum assistance of Rs 25 lakh for setting up new manufacturing units and Rs 10 lakh for new service units and it allows any individual, above 18 years of age and at least VIII grade pass, to apply for assistance.