Indian Economy News

Over 825,000 jobs created under flagship scheme PMEGP in FY22: Govt

  • IBEF
  • April 20, 2022

The government announced that its flagship programme, the Prime Minister Employment Generation Programme (PMEGP), resulted in the establishment of 1.03 lakh new manufacturing and service units and the creation of over 8.25 lakh jobs in the previous fiscal year. The Ministry of Micro, Small and Medium Enterprises said that the number of units and jobs produced under the Prime Minister Employment Generation Programme (PMEGP) increased by 39% each as compared to the previous year, while the margin money distribution (subsidy) increased by 36% in FY 2021-22.

According to the ministry, 1,03,219 units were established with a total capital of more than Rs. 12,000 crore (US$ 1.57 billion), with KVIC providing a margin money subsidy of Rs. 2,978 crore (US$ 390.07 million) and bank credit flow of almost Rs. 9,000 crore (US$ 1.17 billion). Overall, since 2014-15, the number of units established under the Prime Minister Employment Generation Programme (PMEGP) has climbed by 114%, employment creation has increased by 131%, and margin money distribution has increased by 165% in 2021-22.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.