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2013-09-05

MSMEs to get collateral free loans: KH Muniyappa

At a press conference, Minister for MSME KH Muniyappa, discussed the recent initiatives for enhancing the effectiveness of the implementation of Prime Minister\\\'s Employment Generation Programme (PMEGP).

At a press conference, Minister for MSME KH Muniyappa, discussed the recent initiatives for enhancing the effectiveness of the implementation of Prime Minister's Employment Generation Programme (PMEGP).

 

Muniyappa said,"PMEGP is the major credit linked subsidy programme being implemented by the Ministry."

 

The Ministry of Micro, Small and Medium Enterprises (MSME) on 30 August 2013 constituted an Advisory Committee for each district of the country for monitoring the progress of PMEGP with active involvement of Members of Parliament from the district.

 

"The collateral free loans are now available for PMEGP projects costing upto Rs 25 lakh, as follows (a) Banks have been mandated not to accept collateral security in the case of loans up to Rs 10 lakh extended to units in the micro and small enterprises sector and (b) under the Credit Guarantee Scheme of the Credit Guarantee Fund Trust for Micro and Small Enterprises," said Minister.

 

The Minister also highlighted that the committee would liaise and coordinate with KVIC, state government and other agencies, including banks for effective mobilization of young entrepreneurs under PMEGP. It would also ensure that the scheme is implemented in accordance with its guidelines.

 

On the issue of plan allocation, the Minister said, "For the country, as a whole, the outlay for XII Five Year Plan under PMEGP has been kept at Rs8060 crore which is 70 per cent higher than the allocation of XI Plan for the scheme for creating over 5 lakh enterprises creating employment for about 40 lakh people." 

 

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