Self Employment Scheme

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PRIME MINISTER’S ROJGAR YOJANA
FOR
EDUCATED UNEMPLOYED YOUTH

Prime Minister’s Rojgar Yojana for providing Self-employment to Educated Unemployed Youth was announced by the Prime Minister on 15th August 1993 to provide self employed opportunities to one million educated unemployed youth in the country. The scheme has been formally launched on 2nd October,1993.

  1. OBJECTIVE:

    2. The PMRY has been designed to provide employment by setting up micro enterprises by the educated unemployed youth. It relates to setting up of the self-employment ventures through industry, service and business routes. The scheme also seeks to associate reputed non-governmental organizational implementation of PMRY Scheme especially in the selection, training of entrepreneurs and preparation of project profiles.

  2. COVERAGE:

    3. The scheme is applicable to entire State. The Self Employment Scheme for the Educated Unemployed youth (SEEUY) has been subsumed in PMRY. 

  3. ELIGIBILITY:

Any unemployed educated person living in any part of the country rural or urban fulfilling the following conditions will be eligible for assistance. However, during 1993-94, the scheme would be operated only in urban areas.

(i) Age: Between 18-35 years, 45 years in respect of SC/ST,Ex-Serviceman/ Physically handicapped and Women.

(ii) Qualification: Class VIII passed and above or ITI passed or having undergone Government sponsored technical course for the minimum duration of six months.

(iii) Residency: Applicant should submit documents like copy of Sikkim Subject Certificate/ Domicile Certificate / residential certificate etc.and should also possesses Employment Card issued by the Department of Personnel and Administrative Reform &Trg,Government of Sikkim.

(iv) Family Income: Up to Rs. 40,000/- per annum. Family for this purpose would mean spouse and parents of the beneficiary and family income would include income from all sources.,whether wages, salary, pension,agriculture,business,rent etc.

(v) Defaulter: Should not be defaulter to any nationalized bank/financial institutions/ co-operative bank.

  1. RESERVATION

    2. Preference should be given to weaker sections including women. The scheme envisages 22.5% reservation for the SC/ST and 27% for Other Backward Classes. 

  2. PROJECT COST;

    3. A borrower under the scheme will be eligible for sanction of a composite loan up to Rs 2 lakhs for other than business sector. The loan amount for business sector will be restricted to Rs 1.00lakh.If two or more eligible person join together in partnership, the finance can be extended to projects upto Rs 10.00 lakhs.Assistance will be limited to individual adminissibility

  3. SUBSIDY AND MARGIN MONEY:

    4. Subsidy will be limited to 15% of project cost subject to a ceiling of Rs. 7,500/-per borrower in the State.Banks are allowed to take margin money from the borrower varying from 5%to 16.25%of the project cost so as to make the total of subsidy and marginal money equal to 20% of the project cost.

  4. COLLATERAL SECURITY:

    5. The banks shall not seek collateral security for projects upto Rs.1.00lakh.Exemption from collateral security in case of partnership project is limited to Rs.1.00 lakh per person participating in the project. 

  5. RATE OF INTEREST AND REPAYMENT:

    6. The loans will carry interest as per the directives on interest rates issued by Reserve Bank of India from time to time. Repayment schedule may be fixed in the range of 3 to 7 years after an initial moratorium as may be prescribed by the financing bank.

  6. TRAINING:

Scheme envisages compulsory training for entrepreneurs for a period of four weeks after the loan is sanctioned. Trainees will get a stipend of Rs.300/-for industry sector and Rs 150/-for service and business sector.

For further details:

PLEASE CONTACT:

      1. DISTRICT INDUSTRIES CENTRE (E/N)

        2. TIBET ROAD,GANGTOK,EAST SIKKIM.

      2. DISTRICT INDUSTRIES CENTRE (S/W)

JORETHANG, SOUTH DISTRICT.

 

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 Last Updated on: 6th March, 2006