KVIC breaks records; over 8.25 lakh jobs created in FY22

The government on Tuesday said 1.03 lakh new manufacturing and service units were set up under its flagship scheme Prime Minister Employment Generation Programme (PMEGP) along with the creation of over 8.25 lakh jobs in the last financial year.

"As compared to the previous year, 2020-21, the number of units and employment created under PMEGP has gone up by 39 percent each, while the margin money distribution (subsidy) has also witnessed a jump of 36 percent in FY 2021-22," the Ministry of Micro, Small and Medium Enterprises said in a statement.

According to the ministry, this is for the first time since the launch of the PMEGP scheme in 2008, that the Khadi and Village Industries Commission (KVIC) has established over one lakh new units in a financial year.

"These 1,03,219 units have been established at a total capital of nearly Rs 12,000 crore out of which KVIC disbursed a margin money subsidy of Rs 2,978 crore while the bank credit flow was nearly Rs 9,000 crore," the statement said.

The margin money subsidy of Rs 2,978 crore given by KVIC in the financial year 2021-22 is also the highest since 2008.

A whopping 8,25,752 new employment were created across the country, which is also the highest so far under PMEGP, the statement said.

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Overall, the number of units set up under PMEGP since 2014-15 has increased by 114 percent, employment creation has gone up by 131 percent, and the margin money distribution has seen a quantum jump of 165 percent in 2021-22.

KVIC Chairman Vinai Kumar Saxena attributed this quantum jump in employment creation to the prime minister's push for local manufacturing to achieve self-reliance.

"This big thrust to local manufacturing and self-employment in wake of the Covid-19 pandemic has done wonders. A large number of youths, women, and migrants were prompted to take up self-employment activities under PMEGP.

"Further, a slew of policy decisions taken by the Ministry of MSME and KVIC to expedite the execution of projects under PMEGP helped KVIC achieve its best-ever performance," Saxena said.