Prime Minister’s Rozgar Yojana (PMRY)
The scheme was launched on October 2, 1993 and initially was in operation in Urban areas From April 1, 1994, the scheme is being implemented throughout the country.
Under this scheme every selected educated unemployed youth in the age group of 18 – 35 Years and having family income below 40,000 is provided a loan of up to 1 lakh for opening his own enterprise and 2 lakhs for other activities.
Projects involving two or more than two partners may be given a loan up to 10 lakhs. Under this scheme, 15% of the total project cost (maximum 15,000) is given to the beneficiary as subsidy. 5% of equity is to be invested by the beneficiary himself and the remaining cost of the project is financed by the concerned bank.
The entrepreneurs of these tiny units are provided adequate training and also given assistance of raw material and marketing, if required.
Micro – enterprises from commercial sector should not comprise more than 30 percent. This scheme is being administered by Union Industry Ministry. SC/ST and other backward classes have been given reservation of 22.5% and 27% respectively.
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