As a means to promote self-reliance and generate employment, the Government of India has launched multiple schemes and programmes. Pradhan Mantri Rozgar Yojana is one of such schemes formulated to provide monetary assistance to the youth of India and the organised sector in general.
To become a beneficiary of the PMRY, find out more about this scheme and its offerings.
Pradhan Mantri Rozgar Yojana is a government-backed scheme that was launched to promote self-employment. It is targeted towards benefiting the educated unemployed youth of India. Under this scheme, eligible candidates can avail financial assistance to set up their manufacturing or trade business or a start-up. Under the Ministry of Small Scale, Rural, and Agro Industries, the Development Commissioner is the regulatory body for this scheme.
PMRY scheme aims to incentivise employers to generate more employment and provide workers unrestricted access to social security benefits common within the organised sector. Moreover, under this scheme, the government has decided to pay for the employer’s contribution towards EPS and EPF.
The features and benefits of Prime Minister Rozgar Yojana –
Note that the State Lever PMRY Committee monitors the progress of this scheme. Also, this scheme is implemented in all Indian cities except – Mumbai, Delhi, Kolkata and Chennai.
To become a beneficiary of this scheme, meet its eligibility criteria and submit the required documents.
To qualify for a PMRY loan, meet these criteria –
Note that SC/ST candidates, ex-servicemen, physically challenged individuals, and women can avail relaxation of 10 years in the age criteria. Also, the upper age limit for the residents of North Eastern States is set at 40 years, while women, physically handicapped, ex-servicemen, and SC/ST applicants would be considered eligible for up to 45 years.
Submit these documents to avail this government-backed scheme –
Find out the online application process of Pradhan Mantri Yojana for unemployed youths in advance to apply for it without any hassle.
Apply for PMRY online by following these steps –
Step 1 – Visit PMRY’s official website
Step 2 – Download PMRY’s application form.
Step 3 – Fill up the form with the required information.
Step 4 – Scan and upload essential documents and attach them to the application form.
Step 5 – Submit the duly filled application form along with required documents to the designated bank/financial institution.
After these steps are complete, an executive from the bank will share loan-related details.
Note that Pradhan Mantri Rozgar Yojana now includes allied activities. It also covers agriculture except for activities directly related to the purchase and use of manure, producing crops, etc. To make the most of this scheme, make sure to check its limitations and exclusions in detail.
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Last update on 11-Mar-2021
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