“Government has been seriously trying to generate employment in rural areas, in recent years” Discuss.
Dear Student,
PMRY or Prime Minister's Rojgar Yojana is an employment scheme launched on 2nd October, 1993 , designed to create and provide sustainable self-employment opportunities to one million educated unemployed youth in the country during the 8th Plan Period. Its main features are:
- It is open to any unemployed youth residing in urban or rural area fulfilling the disability conditions for assistance
- Preference would be given to weaker section including women.
- The entrepreneurs are required to deposit 5 per cent of the project cost, the remaining 95 per cent being taken care by sanctioned as composite loan
- No collateral guarantee is required . The assets created under the scheme would be pledged to the bank.
- Government of India would provide subsidy at the rate of 15 per cent of project cost
- Repayment schedule ranges from 3 to 7 years after an initial moratorium of 6 to 18 months as decided by the bank
- There would be compulsory training for entrepreneurs after the loan is sanctioned.