Under the Chief Minister’s Employment Generation Programme for Micro, Small and Medium Enterprises (MSMEs), the Government of Maharashtra will create employment opportunities for 10 lakh people in the coming five years. In order to support this initiative, 50 new industrial parks will also be established in various taluks.
The programme will encourage entrepreneurship and create jobs for the huge number of educated youth that remain jobless in the State.
This programme that has been launched by the Industries Department will offer 30 per cent reservation to women entrepreneurs.
About a lakh units will be established by 2024, of which a significant share (40 per cent) will be in the rural areas. The initiative aims to set up 10,000 micro-ventures by first-generation entrepreneurs.
The move is expected to inspire the setting up of more employment-generation programmes in the times to come to address the issue of unemployment.
The programme, which will cover manufacturing, service, agro-based and retail activities, will follow the design of the Prime Minister’s Employment Generation Programme (PMEGP), and will invite online applications.
Under the programme, financial assistance of a maximum of Rs 50 lakh (for manufacturing setups) and Rs 10 lakh (for service-sector setups) will be provided for approved projects.
Corporation Bank will serve as the nodal bank, whereas all requirements of the beneficiaries will be taken care of by Yes Bank, ICICI Bank, HDFC Bank, and other nationalised and private-sector banks.