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PM Modi's pro entrepreneurship scheme disburses Rs 1,300 cr subsidy in FY21 ; Bank of Baroda has contributed more

The Modi government's professional business venture conspire Prime Minister's Employment Generation Program (PMEGP) has disbursed an margin money (subsidy) of Rs 1,279.72 crore as of January 31, 2021, as indicated by the information from the Ministry of MSME. The sum will help set-up 41,053 micro enterprises making work for 3,28424 people. As indicated by the ongoing information distributed by the Khadi and Village Industries Commission (KVIC), the margin money claimed as of February 22, 2021, remained at Rs 1,621 crore in 53,580 miniature undertaking projects. The edge cash dispensed till the end of January 2021 was up from 18,455 applications including Rs 551.65 crore disbursed till September-end in the current financial year.  

Bank of Baroda had disbursed the most noteworthy subsidy amount of Rs 143 crore across 3,402 activities followed by Rs 129 crore in 4,695 projects disbursed by Punjab National Bank, Rs 119 crore disbursed in 3,576 undertakings by Canara Bank, and Rs 105.9 crore disbursed by State Bank of India in 4,309 tasks, and so forth 276 activities including Rs 14.92 crore margin money disbursed were under cycle for payment, at the hour of documenting this report.  

The credit-linked subsidy programme PMEGP offered financial help up to Rs 25 lakh for micro undertakings to be launched in the manufacturing sector and up to Rs 10 lakh for organizations in the service sector, according to the scheme details on the MSME Ministry portal. The plan likewise upheld self improvement groups, institutions registration with Societies Registration Act,1860, creation co-usable social orders, and charitable trusts. Notwithstanding, existing enterprises upheld by different plans viz., Pradhan Mantri Rozgar Yojana, Rural Employment Generation Program, or other focal and state government schemes along with organizations that have just profited government appropriation under some other focal or express governments' plans were not eligible to get credit under the PMEGP.  

Micro sector with 630.52 lakh estimated enterprises represented more than 99 percent of 633.58 lakh enterprises in overall MSME sector, as indicated by the MSME Ministry's 2019-20 yearly report. The gross bank credit to micro and small enterprises (MSEs) year-on-year kept on scaling up consistently in September, according to the Reserve Bank of India's January 2021 notice. The arrangement expanded 6.7 percent from Rs 10.56 lakh crore as of September 27, 2019, to Rs 11.27 lakh crore as of September 25, 2020. 

CA Vikas Jain - Chief Advisor

Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...

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CA Vikas Jain

CA Vikas Jain - Chief Advisor

Mr. Vikas Jain is a reputed Chartered Accountant possessing in-depth understand...

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