Over 18 crore loans sanctioned till March 31 under PMMY: Govt

Over 18 crore loans have been sanctioned till March 31 under the Pradhan Mantri Mudra Yojana (PMMY), Rajya Sabha was informed recently. Collateral-free loans up to Rs 10 lakh are extended to small or micro business enterprises and individuals to enable them to set up or expand their business activities under the scheme.

"Till March 31, 2019, a total of 18.26 crore loans have been sanctioned under the scheme," said Santosh Kumar Gangwar, Minister of State (Independent Charge) for Labour and Employment, in a written reply.

The minister also said till July 1, the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) has covered 1,52,035 establishments and 1.21 crore beneficiaries The scheme was initiated by the ministry in 2016-17 for incentivising employers for employment generation.

"Under this scheme, the government is paying the entire employer's contribution (12 per cent or as admissible) towards the EPS and EPF for all sectors, with effect from April 1, 2018, to all eligible new employees for the next three years. And till July 1, the scheme has covered 1,52,035 establishments and 1.21 crore beneficiaries," he said.

"As per the result of Periodic Labour Force Survey (PLFS) conducted during 2017-18 by National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, the estimated Labour Force Participation Rate (LFPR), Worker Population Ratio (WPR) and Unemployment Rate (UR) on usual status (principal status + subsidiary status) basis for persons of age 15 years and above in the country was 49.8%, 46.8% and 6% respectively.

"Moreover, the unemployment rate for educated persons age 15 years and above (educational level secondary and above) was 11.4% during the same period," he said. As per the data reported, employment generated under PMEGP is 4.08 lakh in 2016-17, 3.87 lakh in 2017-18, and 5.87 lakh in 2018-19 till 31-03-2019, the minister told the House.

"Employment generation coupled with improving employability is the priority concern of the government, which has taken various steps for generating employment in the country like encouraging private sector of economy, fast-tracking various projects involving substantial investment and increasing public expenditure on schemes like Prime Minister's Employment Generation Programme (PMEGP), MGNREGA, DDU-GKY, DAY-NULM," Gangwar added.

News Source: Economic Times, Url: https://bit.ly/2ypsLhi

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