The Central Government has launched an ambitious Pradhan Mantri Yuva Rozgar Yojana to employ the country’s youth. The goal of this initiative is to provide financial support to the country’s unemployed youth. In 2018, Prime Minister Narendra Modi launched the PM Youth Employment Program for India’s youth in order to make low-interest loans available to them. Unemployed youngsters might use this money to create their own businesses.
With this initiative, unemployed youth can get back on their feet and help others in need. Friends, it has been observed on numerous occasions that owing to a lack of funds, kids are unable to start their own businesses and are drawn to work.
The maximum loan amount accessible under the Pradhan Mantri Yuva Swarozgar Yojana in various industries is as follows:
- Loans of up to 2 lakhs are available in the business sector.
- Loans of up to 5 lakhs are available in the service sector.
- Loans of up to 5 lakhs are available in the industry sector.
A loan of up to 10 lakhs can be secured if more than two people are involved in the firm. There is no need for a guarantee or security for projects costing less than Rs 2 lakh undertaken by single individuals from the industry and service sectors. Each partner has received a discount of up to Rs 2 lakh. For small scale industries, coverage of up to Rs 5 lakh per person has been provided.
To be eligible for the Pradhan Mantri Yuva Swarozgar Yojana (PMRY), the candidate must meet the following conditions.
- The applicant should be between the ages of 18 and 35. Women, SC/ST, ex-servicemen, and physically disabled candidates have a ten-year age relaxation.
- In addition, citizens of North-Eastern states must be between the ages of 18 and 40 to be eligible for this scheme.
- In addition, the candidate must have been a permanent resident of his state for at least three years.
- Under the Pradhan Mantri Yuva Rojgar Yojana, applicants must hold a 10th-grade diploma from a government-recognized school or college.
- The citizen who wishes to benefit from this scheme should not be currently employed in any government or non-government position.
Industries under the scheme
If you want to establish an industry under the Pradhan Mantri Yuva Rojgar Yojana, you can select one of the following industries. The government will grant loans to all of these industries:
- Industries that use minerals
- Forest-based, agro-based, and food-based industries
- Industry dependent on chemicals
- Clothing business based on engineering and non-conventional energy. Except for Khadi, the service industry
Loans under the scheme
The majority of people are wondering how much money the government can get through the Prime Minister’s Employment Scheme. Different loan ceilings have been set for different areas in the Pradhan Mantri Yuva Rojgar Yojana 2022. whose details are as follows;
- Maximum Rs. 2,00,000 for the industry sector
- Maximum Rs. 1,00,000 for the business sector
- Working capital is limited to a maximum of Rs.10,000,000.