Telangana government decided to give loans for about 1 Lakh unemployed youth under the Prime Minister’s Employment Generation Programme (PMEGP). About 10 thousand youth will be selected from each district under this scheme. Under this scheme government cleared the hurdles for receiving online applications and also made the procedures for immediate sanctions. For this government already instructed the concerned officers to chalk out the plans.
The scheme will be implemented by the District Industries Centre (DICs), Khadi Village Industries Commission (KVIC) and Khadi and Village Industries Boards (KVIBs). As already the Telengana government started the state job recruitments now it is also trying to tap the PMEGP scheme to help the youth of the state.
A maximum financial assistance of Rs. 25 lakh and a minimum of Rs.5 Lakhs would be extended through banks for ventures. All the Prospective entrepreneurs under the general category can avail 25 per cent of the project cost as subsidy. All the applicants from SC/ST, MBC, minorities, ex-service personnel and differently abled categories, 35 per cent subsidy will be given. Unlike the past, the government now wants to give the subsidy as soon as possible without any delays.
PMEGP Notification will be released on 28th
A notification related to this will be released by the government on 28th of this month. All the applications must be submitted through online. The selection will be completed within a month span. All the subsidies to the concerned projects will be released in two months. Manufacturing units will be given higher loans and there will be support from government for their business improvement. Government also instructed the banks to provide loans as per the prescribed time durations.