PMEGP will facilitate setting up of 47,000 micro enterprises: PM

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SME Times News Bureau | 24 May, 2012
The Prime Minister’s Employment Generation Programme (PMEGP) will facilitate setting up of 47,000 micro enterprises and will generate additional employment, said Prime Minister, Dr. Manmohan Singh in New Delhi.

While releasing the "Report to the People 2011-12" on Tuesday, the Prime Minister said, "This will facilitate setting up of 47,000 micro enterprises and generate additional employment opportunities for more than 4.2 lakh people."

The Prime Minister’s Employment Generation Programme (PMEGP) is aimed at generating self-employment opportunities through establishment of micro enterprises.

Under this scheme, Margin money subsidy of Rs. 930 crore was disbursed by banks in 2011-12, Dr. Singh said.

According to a press statement, released by the government on Wednesday, the report further stated that a Public Procurement Policy for MSEs was notified in March 2012.

The policy envisages that every Central Ministry/ PSU shall set an annual goal for procurement from the MSE sector with the objective of achieving minimum 20 percent of the total annual purchases from MSEs in a period of three years.

Of this, 4 percent will be earmarked for procurement from MSEs owned by SC/ST entrepreneurs, it said.