The Prime Minister's Employment Generation Programme (PMEGP) has been one fo the flagship programmes of the Narendra Modi government which completed four years in office. Under this credit linked subsidy to establish new enterprises for generating continuous and sustainable employment opportunities in Rural and Urban areas of the country is offered.
The Ministry of MSME says Rs 860.51 crore has been released by the Ministry as margin money under PMEGP out of which Rs. 528.32 crore has already been disbursed by the banks.
As the Modi Sarkar completed four years in office, let us take a look at the initiatives and achievements of the Ministry of MSME.
- Cabinet approves creation of 'Indian Enterprise Development Service (IEDS)' in the Office of Development Commissioner (MSME) under the Ministry of Micro, Small and Medium Enterprises
- Udyog Aadhaar Memorandum (UAM) launched and 3734738 till now
- Foundation Stone Laid for MSME Technology Centre at Greater Noida, Uttar Pradesh under Technology Centre Systems Programme (TCSP) & National Vendor Development Programme
- National SC/ST Hub launched in Ludhiana
- MSME Databank and Finance Facilitation and Online Census of MSMEs and Finance Facilitation Centres Launched
- Giant Charkha unveiled at IGI Airport, Delhi. 42 carpenters from Ahmedabad built the Charkha in 55 days
- Incubation cell at IIFT Delhi Launched
- Mauritius to exclusively offer Biofarming Technology to India
- National MSME Policy to be formulated for the First Time in India
- India concludes MoU on MSME Cooperation with Indian Ocean Rim Association (IORA) Member Countries. IORA Special Fund Created to Carry Out Activities Under this MoU
- Cabinet approves MOU between India and United Arab Emirates for cooperation in the field of Small and Medium Enterprises and Innovation
- Micro and Small Enterprise Facilitation Council (MSEFC) Portal and MyMSME Mobile App Launched
- Financial Support to MSMEs in ZED Certification Scheme launched.
- MSME Delayed Payment Portal - MSME Samadhaan Launched
Framework for Revival and Rehabilitation of MSMEs
The existing mechanism for addressing revival, rehabilitation and exit of small enterprises is very weak in the country. The most recent Doing Business (DB) Report ranks India 137 out of the 189 economies for resolving insolvencies. It notes that resolving insolvency takes 4.3 years on average and costs 9.0% of the debtor's estate, with the most likely outcome being that the company will be sold as piecemeal sale.
Prime Minister's Employment Generation Programme (PMEGP)
PMEGP is the flagship programme of the government offering credit linked subsidy to establish new enterprises for generating continuous and sustainable employment opportunities in Rural and Urban areas of the country.
- Rs. 860.51 crore has been released by the Ministry as margin money under PMEGP out of which Rs. 528.32 crore has already been disbursed by the banks.
- 24126 new enterprises providing employment to 170983 persons have been benefited under the Scheme.
There is more than 50% increase over the previous year in terms of funds disbursed by the banks, no of projects with funds disbursed and the employment generated.
A Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship (ASPIRE)
ASPIRE has been launched on 16.03.2015 with an objective to set up a network of technology centers, incubation centres to accelerate entrepreneurship and also to promote start-ups for innovation and entrepreneurship in rural and agriculture based industry with a fund of Rs.210 crores.
- The planned outcomes of ASPIRE are setting up Technology Business Incubators (TBI), Livelihood Business Incubators (LBI) and creation of a Fund of Funds for such initiatives with SIDBI.
- 1st LBI set up in April-2015 under ASPIRE within a month of launching the Scheme. The first batch of 107 youth has been trained and skilled through it.
- 19 LBIs have been approved till September 2015 and another 9 LBIs & 2 TBI is ready to be approved.