UP becomes the first state to provide maximum investment and employment under PMEGP

Lucknow: Chief Minister Yogi Adityanath's initiative towards making Uttar Pradesh's economy number one in the country has started paying off and it's because of this that now instead of seeking jobs, the youth of the state are now providing employment. Uttar Pradesh has become the first state to provide maximum investment and employment under the Prime Minister's Employment Generation Program (PMEGP) in the country. This achievement has been recorded despite many roadblocks like the global pandemic Corona and the state assembly elections.

Chief Minister Yogi has been instrumental in changing the condition and direction of the state which was five years back ranked and labelled as a BIMARU state. More than 21 new policies of various departments have been implemented in the state and it has risen from 14th to the second rank in Ease of Doing Business.

As a result of this, for the first time in comparison to many previous regimes, proposals for investment of 4.68 lakh crores have come in the state, out of which proposals of more than Rs 3.5 crores have come to the ground.

Dr Navneet Sehgal, Additional Chief Secretary, MSME said that the state has the largest number of industries in the country under PMEGP and pointed out that there has been an increase of 110 per cent in PMEGP in the financial year 2021-22. In the last year, 11,107 units have been established with an investment of Rs.1464 crore and more than 96,000 people have been given direct and indirect employment.

Rs 40 crore subsidy given above the target set

All the states have registered 91 per cent achievement in PMEGP at the national level, against the target of Rs 2867 crore at the national level, of which only Rs 2603 crore has been fulfilled. Whereas 110 per cent achievement has been registered in the state where Uttar Pradesh Khadi and Village Industries Board has logged an achievement of Rs 148 crore against Rs 110 crore, District Industries Center Rs 165 crore against 146 crores, Khadi and Village Industries Commission has recorded an achievement of Rs 51 crore against 77 crores.

UP used money from other states for the first time

Uttar Pradesh Khadi and Village Industries Board, District Industries Centre, Khadi and Village Industries Commission together have given about Rs 366 crore as subsidy to the units, against the target of Rs 334 crore. 

The money left by the states which have not been able to fulfil the target given by the central government to all the states in PMEGP has been used by the state government in UP. With the money of other states, more people have been benefitted in the state than the target.

Even You can take advantage of PMEGP

The Central government gives a 35 per cent subsidy on setting up new industries under PMEGP. The Uttar Pradesh Khadi and Village Industries Board gives 13% interest for three years. Rs 8.75 lakh is given as a subsidy on projects up to a maximum of Rs 25 lakhs. After successfully running the unit for three years, a loan of one crore rupees can be taken again for the expansion of the unit. On this also 15 per cent subsidy is given by the government.

(Brand Desk Content)