KVIC sets up over one lakh new units under PMEGP in 2021-22

Khadi and Village Industries Commission (KVIC) has established over one lakh new units and created 8.25 lakh jobs under Prime Minister's Employment Generation Programme (PMEGP) during the financial year ended March 2022, the government data showed on Tuesday.

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, the Ministry of Micro, Small & Medium Enterprises said in a statement.

A total 1,03,219 units have been established at a total capital of nearly Rs 12,000 crore. Out of the Rs 12,000 crore, capital investment, 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. This led to the creation of 8,25,752 new employment opportunities.

As compared to the previous year, i.e. 2020-21, the number of units and employment created under PMEGP has gone up by 39 per cent, each, while the margin money distribution (subsidy) has witnessed a jump of 36 per cent in FY 2021-22.

In the larger perspective, the number of units set up under PMEGP since 2014-15 has increased by 114 per cent, employment creation has gone up by 131 per cent and the margin money distribution has seen a quantum jump of 165 per cent in the year 2021-22.

KVIC Chairman Vinai Kumar Saxena attributed this quantum jump in employment creation to the Prime Minister's push for local manufacturing to achieve self-reliance.

"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," Saxena said.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor