: KVIC generates highest ever employment under PMEGP #FinanceIndia #StockMarketNEWS KVIC generates highest ever employment under PMEGP New Delhi, Apr 3 (KNN) In a year marred by the economic despair

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KVIC generates highest ever employment under PMEGP #FinanceIndia #StockMarketNEWS
KVIC generates highest ever employment under PMEGP New Delhi, Apr 3 (KNN) In a year marred by the economic despair surrounding the Covid-19 pandemic, Khadi and Village Industries Commission (KVIC) has just recorded its best ever performance in job creation under the Prime Minister’s Employment Generation Program (PMEGP).

According to an official data, in FY 2020-21 ending March 31, that was largely affected by the nationwide lockdown, KVIC disbursed Rs 2188.78 crore to create a whopping 5,95,320 jobs under PMEGP, the highest ever since its launch in 2008. In 2020-21, KVIC established 74,415 projects across the country.

Lauding the achievement of KVIC, MSME Minister, Nitin Gadkari on Friday said that creation of local jobs would provide livelihood to lakhs of people, in turn, bolstering the country’s economy.

In year 2020-21, against the margin money disbursement target of Rs 2,120.81 crore, KVIC doled out Rs 2,188.78 crore and achieved 103.2 per cent of the target, nearly 14 per cent more than margin money disbursed in 2019-20. In setting up of new projects and employment generation, KVIC achieved 106.2 per cent of the target, the data said.

KVIC Chairman Vinai Kumar Saxena attributed this achievement to the Prime Minister’s clarion call for “Aatmanirbhar Bharat” and “Vocal for Local” and constant guidance and support of MSME Minister Nitin Gadkari.

The government’s thrust to local manufacturing has prompted many youths, women and distressed people to take up self-employment activities under PMEGP.

Two major decisions by KVIC regarding timely execution of applications also helped the cause. First, the timeframe for scrutinizing and forwarding the applications to the banks by its state directors reduced from 90 to 26 days. Secondly, monthly coordination meetings with the banks were started at different levels which has also helped timely disbursal of loans to the beneficiaries.

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