Unemployment had always been a challenge for the government since Independence. The rate of unemployment is still quite high and the government is trying its best to deal with the issue. There had been many job placement camps arranged by the government and in addition to this, Made in India had also boosted the employment in the domestic market. Apart from this, the government also launched the skill India skill India scheme to deal with the issue. Another such scheme to deal with unemployment is Pradhan Mantri Rozgar Yojana and the scheme encourages self-employment by providing loan for the business. Here are all the details about the scheme.
What is Pradhan Mantri Rozgar Yojana?
As per the information available, the scheme aims at providing the training to the people to start their business. The scheme is not restricted to the training as the government also provides loan for starting the business. In addition to this, the benefit of the scheme reaches the mass as the business generates employment for many people. It should be noted that the scheme is only applicable to the youth of the country.
How does Pradhan Mantri Rozgar Yojana work?
Under the scheme, the youth can go ahead and complete the online registration. The loan can be availed for up to Rs 10 Lakh but the limit as capped at Rs 2 Lakh for some of the domains. There is no security required for a loan of up to Rs 2 Lakh. In addition to this, the tenure of the loan can be anywhere between three and seven years. The applicant can choose the tenure of the loan and it should also be noted that the government is offering a subsidy of 15 to 20% on the scheme.
What is the Eligibility criteria for the scheme?
The eligibility criteria for the scheme is mentioned below
- The age of the candidate should be between 18 years and 35 years.
- The candidate should have cleared 10th class and the family income of the candidate should be less than Rs 40 thousand.
- The applicant also needs to provide with the documents which include the last three years of residence proof along with Aadhaar Card and PAN Card.
- The applicant must not be working in the government sector to be eligible for the benefits of the scheme
How to apply for Pradhan Mantri Rozgar Yojana?
As per the information available, the applicant would need to approach the General Manager, District Industries Centre to apply for the scheme and he can obtain the form from the District Industries Centre itself. Once the form is submitted, it would be reviewed and approved in the later stages of the process.
The website of the scheme is https://pmrpy.gov.in/ and you can find all the information related to the scheme here. In addition to this, you can also apply for the scheme through the link mentioned above.
Benefits of Pradhan Mantri Rozgar Yojana
The benefits of the scheme are mentioned below
- The scheme not only focusses on funding the businesses but it also focusses on providing training to the people which is certainly very important.
- The interest rate for the scheme is quite low and the repayment period is also high which certainly helps the business.
- A business is not only a mean of self-employment but it also creates employment for the people it employees and hence the scheme has the potential to reduce the unemployment rate.
- Apart from the benefits mentioned above, the business will contribute to the GDP of the state and India. In addition to this, the government will also receive tax which will again be used for the benefit of the public
Who will back Pradhan Mantri Rozgar Yojana?
The plan is being backed by the central government as well as state government. The state government, as well as the central government, is contributing towards the funds created to make this scheme a success.
Details of the scheme
Scheme Name – Pradhan Mantri Rozgar Yojana
Budget For scheme – NA
Scheme Launched by – Mr. Narendra Modi
Is this the way forward for the nation?
This is certainly a great scheme for dealing with unemployment but it is certainly not enough. The government needs to have more such schemes to deal with the problem and only then the problem of unemployment will be resolved. Capital and training is certainly an important part of the solution and such schemes can help the country in the long run.