It’s been a year full of historic feats for Khadi and Village Industries Commission (KVIC) in executing the flagship Prime Minister’s Employment Generation Program (PMEGP).
With setting up of an unprecedented 1.03 lakh new manufacturing and service units and creation of over 8.25 lakh jobs, PMEGP has emerged as government’s most powerful tool of self-sustainability in the year 2021-22, even as the country was under partial lockdown for the first 3 months of the year during the second wave of Covid-19 pandemic.
This is for the first time since the launch of the PMEGP Scheme in 2008, that KVIC has established over one lakh new units in a financial year. These 1,03,219 units have been established at a total capital of nearly Rs 12,000 crore out of which KVIC disbursed a margin money subsidy of Rs 2978 crore while the bank credit flow was nearly Rs 9,000 crore.
The margin money subsidy of Rs 2978 crore given by KVIC in the year 2021-22 is also the highest since 2008. A whopping 8,25,752 new employment were created across the country, which is also the highest so far under PMEGP.
As compared to the previous year, i.e. 2020-21, the number of units and employment created under PMEGP has gone up by 39% each, while the margin money distribution (subsidy) has also witnessed a jump of 36% in FY 2021-22.
In the larger perspective, the number of units set up under PMEGP since 2014-15 has increased by 114%, employment creation has gone up by 131% and the margin money distribution has seen a quantum jump of 165% in the year 2021-22.
KVIC Chairman Vinai Kumar Saxena said: “This big thrust to local manufacturing and self-employment in wake of the Covid-19 pandemic has done wonders. A large number of youths, women and migrants were prompted to take up self-employment activities under PMEGP. Further, a slew of policy decisions taken by the Ministry of MSME and KVIC to expedite the execution of projects under PMEGP helped KVIC achieve its best ever performance.”
