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The Prime Minister’s Employment Generation Programme (PMEGP) is a key initiative launched by the Government of India to encourage self-employment and promote entrepreneurship, particularly among the youth.
This scheme provides financial and technical assistance to individuals and groups seeking to establish micro or small enterprises. It supports both rural and urban entrepreneurs in launching new ventures.
The core aim of PMEGP is to create sustainable employment opportunities, reduce unemployment, and stimulate economic development by fostering entrepreneurial growth across the country.
PMEGP offers funding assistance through bank loans to help individuals establish new micro or small enterprises. These loans come with subsidized interest rates, easing the financial strain of launching a business..
Eligible applicants receive a government subsidy along with the loan. The subsidy amount varies based on the applicant’s category (such as general, SC/ST, OBC, or other weaker sections) and the total project cost.
The scheme is designed to promote entrepreneurship and facilitate the creation of sustainable jobs in both urban and rural areas, helping to lower unemployment and foster economic development.
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