- The main objective of the scheme is to facilitate the generation of employment opportunities for youth across the country by assisting them in setting up micro-enterprises in non-farm sectors.
- As per their commitment, this scheme will create sustainable employment opportunities for about 40 lakh persons in five financial years.
- In addition to the extension of the time frame, many changes have been done to the existing scheme. These include an increase in the maximum project cost from existing Rs 25 lakh to Rs 50 lakh for manufacturing units and from existing Rs 10 lakh to Rs 20 lakh for service units.
- Besides some of the definition of village industry and rural area has also been modified for PMEGP, where Panchayati Raj institutions are accounted under rural area, and areas under municipal corporations are treated as urban areas.
- All the applicants under aspirational districts and transgender will be treated as special category applicants and will be provided with higher subsidies.
- Till now this scheme has generated employment for 64 lakh persons. Apart from that 7.8 lakh micro enterprises have been assisted with a subsidy of Rs 19,995 crore.
Question:
Q.1 Recently Union Cabinet has approved the extension of PMEGP for period of________financial year?a. 2029-30
b. 2025-26
c. 2027-28
d. 2023-24
