News Brief
Big Push For Small Business Owners: KVIC Disburses Rs 300 Crore PMEGP Subsidy To 11,480 Service Sector Beneficiaries
KVIC is virtually disbursing the subsidy (PIB)
The government has given a big push to small business owners in the service sector by providing over Rs 300 crore in financial help, the Ministry of Micro, Small & Medium Enterprises said.
This support was given through the Prime Minister’s Employment Generation Programme (PMEGP), which helps people start their own businesses and become self-employed.
The money was handed out by the Khadi and Village Industries Commission (KVIC) during an online event on Tuesday (17 June).
“Under the leadership of Prime Minister Shri Narendra Modi, the PMEGP scheme has strengthened the foundation of employment and self-reliance in every village," KVIC Chairman Manoj Kumar said, according to the statement.
A total of 11,480 people across the country received this help directly in their bank accounts.
This financial aid, called a "margin money subsidy," is meant to reduce the burden of loans taken by small business owners. The subsidy is part of a larger loan package worth Rs 906 crore.
Central India got Rs 72 crore, the north Rs 61 crore, the west Rs 26 crore, the east Rs 22 crore, and the northeast region Rs 2 crore.
KVIC Chairman said that the scheme is not just about money, it is helping youth, women, and artisans build their futures through self-employment.
According to Ministry of Micro, Small & Medium Enterprises, since it started, PMEGP has helped over 10 lakh people set up their businesses, with the government giving out Rs 27,166 crore in subsidies.
Over 90 lakh people have found work, either by running their own business or getting jobs through them.
