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KVIC Chairman distributes margin money subsidy of Rs 299 Crore

Published: Jun 12, 2024

By TIOLCorplaws News Service

NEW DELHI, JUNE 12, 2024: WITH the formation of the 'Modi Government' for the third time at the Center, the Khadi and Village Industries Commission (KVIC), Ministry of Micro, Small and Medium Enterprises has once again increased the pace of delivering government schemes to the beneficiaries. Last Monday, KVIC Chairman Manoj Kumar distributed margin money subsidy of Rs 299.25 crore to 7444 units across the country under the Prime Ministers' Employment Generation Programme (PMEGP) through video conference. 81,884 new jobs were created by the sanctioned loan amount for the beneficiaries across the country.

In a statement, Chairman KVIC  congratulated Hon'ble Prime Minister Narendra Modi on behalf of 'Khadi Parivar' for becoming the Prime Minister for the third time and said that the distribution of subsidy of Rs 299.25 Crore directly in the accounts of beneficiaries by KVIC on the very next day of swearing-in is an indication that under the leadership of Prime Minister Narendra Modi, government schemes will now be delivered to the public at double speed.

Manoj Kumar informed that as per the vision of Prime Minister Narendra Modi, to achieve the goal of 'Developed India' by the year 2047, KVIC is working on a plan to strengthen 'Khadi Gram Swaraj Abhiyan' in every village. All preparations have been made to take Khadi from local to global. Along with this, Prime Ministers' Employment Generation Programme (PMEGP) is also being expanded to increase the quality and reach of products related to village industry. In this sequence, KVIC has distributed Rs 299.25 Crore in the accounts of 7444 beneficiaries of all its 6 zones through online medium. Under this, subsidy of Rs 75.17 crore has been distributed to 2017 beneficiaries of Central Zone, Rs 22.92 crore to 763 beneficiaries of Eastern Zone, Rs 91.78 crore to 2477 beneficiaries of North Zone, Rs 9.2 crore in the account of 223 beneficiaries of Northeast Zone, Rs 72.97 crore to 1539 beneficiaries of South Zone and Rs 27.13 crore in the account of 425 beneficiaries of West Zone through online medium. 22187 jobs have been created in Central Zone, 8393 jobs in Eastern Zone, 27247 jobs in North Zone, 2453 jobs in Northeast States, 16929 jobs in South Zone and 4675 jobs in West Zone.

Chairman KVIC further said that under the guidance of Prime Minister various schemes of Khadi and Village Industry are being run by KVIC in the last 10 years to provide employment to the unemployed. PMEGP has taken a revolutionary initiative in the field of setting up cottage industries. The entire process from applying for PMEGP to issuing subsidy is online. From the start of PMEGP scheme till the last financial year, 9.40 lakh new projects have been set up in the country, which has provided employment to more than 81.48 lakh new people. For these schemes, till the last financial year, the Government of India has distributed margin money subsidy of more than Rs 24520.19 Crore. He further said that 52% units have been approved for SC/ST category and women. 80% PMEGP units have been set up in rural areas, 20% units in urban areas. About 67% PMEGP units are set up in manufacturing sector and 33% in service sector. Under this scheme, a grant of 15% to 25% is given to general category candidates and 25% to 35% to reserved category candidates by the Government of India.

Manoj Kumar emphasized that the guarantee of Modi Government has made Khadi and Village Industry products popular globally. In the last 10 years, 'New Khadi of New India ' has given a new direction to the 'Aatmanirbhar Bharat Abhiyan' . As a result, more than four times the sales of Khadi products have been recorded in this period. With the increase in production and sales of Khadi, artisans of rural India have become economically prosperous. The increase of more than 233 percent in the remuneration of artisans in the last 10 years has attracted artisans towards Khadi work, while the 'Vocal for Local' and 'Make in India' mantra has made Khadi popular among the youth. KVIC officers and employees were present in the programme.