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KVIC achieves over 100 percent target in PMEGP scheme

2/20/2018

Agencies, New Delhi The Khadi and Village Industries Commission (KVIC) has achieved more than 100 per cent target of subsidy allotted by the Ministry of Micro, Small and Medium Enterprises (MSME) for implementation of Prime Minister’s Employment Generation Programme (PMEGP) in FY 2016-17. While the utilization of subsidy was less than 50 per cent in 2008-09, it has risen to 100.37 percent in 2016-17, an independent evaluation study by Gurugram –based Management Development Institute (MDI) said. Notably, the Ministry of MSME had set a target of Rs 1,100 crore for PMEGP in 2016-17. The annual figure however put the books at a high level at Rs 1,281 crore. Moreover, nearly four lakh new jobs were created, with an estimated project cost of Rs 4,800 crore, marking a huge growth of approximately 24 percent with respect to the financial year 2015-16, a MSME statement said. The MDI study further indicates that the average age of the beneficiaries was 36.8 years and 42.39 percent of them were from SC, ST and OBC categories, while 5.8 percent were minorities and 10 percent were women. “With 53 percent and 45 percent of beneficiaries involved in manufacturing and services respectively, collateral taken by the banks over and above hypothecation of assets by banks were recorded 46 percent and 54 percent respectively,” says the report. As regards the consumption, the report indicates that majority of the beneficiaries (79.53 percent) reported that their products and services are consumed only domestically. Enthused with this report, KVIC Chairman Shri Vinai K Saxena said that the Central Government too had taken cognizance of the success rate of KVIC in implementation of PMEGP. “In the recent budget of 2018-19, we have got Rs 1,800 crore against Rs 1,024 crore in the previous budget, which marks a growth of 78 percent,” he said.

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