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The Narendra Modi government completed four years in office. The Prime Minister’s Employment Generation Programme (PMEGP) has been one of its flagship programmes. Under this, the government offers credit-linked subsidy to businesses to establish new enterprises for generating continuous and sustainable employment opportunities in the rural and urban areas of the country.
In a statement, the Ministry of Micro, Small and Medium Enterprises (MSME) says it released INR 860.51 crore as margin money under PMEGP, out of which the banks have already disbursed INR 528.32 crore.
Initiatives and achievements of the Ministry of MSME include creation of “Indian Enterprise
Development Service (IEDS)” in the Office of Development Commissioner (MSME), launching of Udyog Aadhaar Memorandum (UAM), MSME Databank and Finance Facilitation and Online Census of MSMEs and Finance Facilitation Centres, and more.
In India, the existing mechanism for addressing revival, rehabilitation and exit of small enterprises is very weak. Doing Business (DB) report ranks India 137 out of 189 economies in resolving insolvencies. It has noted that resolving insolvency takes an average of 4.3 years and costs 9.0% of the debtor’s estate. Selling off the company as piecemeal sale would be the likely outcome.
The MSME ministry launched A Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship (ASPIRE) with an aim to set up a network of technology centres, incubation centres to accelerate entrepreneurship and also to promote start-ups for innovation and entrepreneurship in rural and agriculture-based industry with a fund of INR 210 crores.
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