Individuals Who Can Take Benefits of PMRY

All You Need to Know About Pradhan Mantri Rozgar Yojana

What is Pradhan Mantri Rozgar Yojana?

Pradhan Mantri Rozgar Yojana is a government initiative that caters to the educated unemployed youth of the country. Launched in 1993, Pradhan Mantri Rozgar Yojana (PMRY) is a scheme backed by the Central Government, which was rolled out with the aim to provide employment opportunities to the country’s educated unemployed youth and women. The scheme offers subsidized financial assistance to beneficiaries to help them start an enterprise in the trade, business, manufacturing, or service sector.

Features of Pradhan Mantri Rozgar Yojana ● ● ● ● ●

The PMRY scheme has much to offer the educated unemployed.

The scheme is backed by the Central Government It provides training of up 20 days to help you set up your business PMRY scheme primarily caters to small-scale industries The state-level PMRY committee monitors the progress of the scheme every quarter ● The scheme aims to aid the fishing, horticulture, poultry and piggery sector in North Eastern regions

Features of Pradhan Mantri Rozgar Yojana ● Beneficiaries do not require any collateral for loans undertaken for projects up to Rs.1 lakh ● Borrowers can repay via easy equated monthly installments ● Beneficiaries are charged nominal interest rate under the scheme ● The scheme has reservations for weaker sections of the society including women ● The repayment tenor is between 3 to 7 years after the initial moratorium period

Implementation of PMRY Scheme The implementation of PMRY includes identifying economic activities, obtaining the necessary infrastructural information, selecting candidates, and partnering with banks. The entire implementation procedure is spearheaded by the Directorate of Industries and District Industry Centers along with the authorized banks. The Implementation Committee also motivates candidates, shortlists subsidiary activities, and works towards obtaining permissions.

Eligibility for PMRY Scheme ● Age: Educated unemployed must be between 18 and 35 years of age. Ex-servicemen, physically handicapped persons, women, and the SC/ST category enjoy a relaxation of 10 years ● Educational qualification: You should have passed the 8th standard and those who have been trained for at least 6 months at a Government-recognised approved institution, will be given preference ● Qualification: You should be a permanent resident of the area for at least 3 years ● Family income: Your yearly income, along with that of your spouse, should be Rs.40,000 or less.

Eligibility for PMRY Scheme ● Repayment history: You should not be a defaulter to any cooperative bank, nationalized bank or financial institution in the past ● Beneficiary status: This should be the first subsidy-linked Government scheme you are availing aid under ● Activities covered: You may obtain aid for any economically-viable activity that is not a direct agricultural operation such as purchasing manure or raising crop ● Reservations: Women are given preference and PMRY envisions a 27% reservation for OBCs and a 22.5% reservation for SC/ST persons

Documents Required PMRY Scheme ● ● ● ● ● ● ●

Copy of your driving license Residence certificate Income and caste certificate EDP training certificate Copy of your proposed project Educational and technical qualification certificates Work experience certificate

Steps to Apply for PMRY Scheme ● ● ● ●

Log in to the ofcial PMRY website Download the application form Fill in the required details Submit the duly filled form to the concerned bank

Upon verifying your details, the bank will get in touch with you for further steps.

CONCLUSION Availing subsidized aid through PMRY also includes preparing a project report based on your business idea, containing details like salary amounts, raw materials to be used, the cost of production, profitability ratios, and a breakeven report. Further, on careful scrutiny of your PMRY application, an interview with you will be scheduled.

THAN K YOU