Many people involved in small-scale industries in Jammu and Kashmir’s Poonch district have availed the benefits of Prime Minister’s Employment Generation Programme (PMEGP) and have scaled up their businesses.
“I was able to open my store after I got a loan sanctioned under the PMEGP. I was granted 25 per cent subsidy. Now, I have around 20 workers at my shop,” a business owner said while speaking to ANI.
“Our loan got sanctioned by the government after which we had set up an electric plant here. We have got a subsidy of 30 per cent. I appeal to all the people of Pooch to get the benefit of this scheme. My business is running good now,” said Ankit Chadha, another businessmen.
This PMEGP scheme is implemented by Khadi and Village Industries Commission (KVIC) as the nodal agency at the national level. The government subsidy under the scheme is routed by KVIC through the identified banks for eventual distribution to the beneficiaries/entrepreneurs into their bank accounts.
Any individual above 18 years of age can apply. The beneficiary must have passed at least 8th standard for projects costing above Rs 10 lakhs in the manufacturing sector, and above Rs 5 lakhs in the business/service sector. Only new projects are considered for sanction under PMEGP.