Prime Ministers’ Rozgar Yojana (PMRY) was a scheme launched by the government of India with the aim of providing self-employment opportunities to educated, unemployed youth in the country. The scheme was launched in 1993 and was later merged with another scheme called the Prime Minister’s Employment Generation Programme (PMEGP) in 2008.
Under the PMRY scheme, unemployed individuals between the ages of 18 to 35 years could apply for loans to start their own small businesses. The scheme provided financial assistance for setting up a variety of business ventures, including small manufacturing units, service enterprises, and business activities in the sector of trade and commerce.
To be eligible for the scheme, applicants needed to have at least passed 8th standard and should not have availed any other loan for setting up a business in the past. The loan amount provided under the scheme varied depending on the type of business and the nature of the project, with a maximum limit of up to Rs. 2 lakh for manufacturing projects and up to Rs. 1 lakh for service and other activities.
The scheme aimed to promote entrepreneurship among the youth and encourage self-employment as a means of poverty alleviation and economic development. By providing financial assistance and support for starting small businesses, the government sought to create employment opportunities and empower individuals to become self-reliant and financially independent.
Although the PMRY scheme was merged with the PMEGP in 2008, the objectives and goals of the program remain the same. The PMEGP continues to provide financial assistance and support for setting up micro-enterprises and small businesses, with a focus on promoting entrepreneurship and self-employment.
Overall, the Prime Ministers’ Rozgar Yojana (PMRY) was a significant initiative by the government of India to address the issue of unemployment and empower the youth to become self-employed. The scheme played a crucial role in fostering entrepreneurship and creating opportunities for individuals to pursue their business aspirations and contribute to the economic growth of the country.