Which Union Ministry is related to Prime Minister’s Employment Generation Programme (PMEGP)?

Ministry of Micro, Small and Medium Enterprises

The correct answer is Option (1) - Ministry of Micro, Small and Medium Enterprises

The Prime Minister’s Employment Generation Programme (PMEGP) is a credit-linked subsidy scheme launched by the Government of India to promote entrepreneurship and generate employment opportunities in the micro, small, and medium enterprises (MSME) sector. The program aims to facilitate the establishment of new enterprises and the expansion of existing ones by providing financial assistance and support for setting up projects in the manufacturing and service sectors.

The Ministry of Micro, Small and Medium Enterprises (MSME) is responsible for implementing the PMEGP scheme. This ministry is dedicated to the development and promotion of MSMEs in India and formulates policies and programs to support the growth and sustainability of these enterprises.

Under the PMEGP, financial assistance is provided in the form of subsidies and bank loans to eligible entrepreneurs for starting new ventures or expanding existing ones. The scheme encourages self-employment and entrepreneurship among youth, women, and other marginalized sections of society by offering financial incentives and technical support.

The Ministry of Micro, Small and Medium Enterprises plays a crucial role in coordinating and overseeing the implementation of PMEGP across various states and union territories of India. It works in collaboration with other government agencies, financial institutions, and non-governmental organizations to facilitate the successful execution of the scheme and achieve its objectives of promoting economic development, job creation, and inclusive growth.