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This many KVIC jobs estimated in FY23, down from FY22 level: Govt data

Skill, labour, talent for MSMEs: Implemented by KVIC, PMEGP offers maximum assistance of Rs 25 lakh for new units admissible in the manufacturing sector and Rs 10 lakh for the service sector.

This many KVIC jobs estimated in FY23, down from FY22 level: Govt data
The government had announced extending the scheme in May this year over the 15th Finance Commission Cycle from 2021-22 to 2025-26 with an outlay of Rs 13,554.42 crore.

Skill, labour, talent for MSMEs: The financial year 2022-23 target for khadi and village industries under Prime Minister Employment Generation Programme (PMEGP) has been fixed to generate estimated employment for 8.07 lakh people, said Minister of State for MSME Bhanu Pratap Singh Verma in a written reply to a question in the Lok Sabha during the ongoing winter session of Parliament.

However, the job creation estimate for FY23 is down from the all-time high of 8.25 lakh jobs created by Khadi & Village Industries Commission (KVIC) under PMEGP in FY22. The cumulative employment generated by KVIC stood at 1.67 crores till FY22 since the launch of PMEGP in 2008.

Comments from KVIC weren’t immediately available for this story. 

Importantly, the number of jobs created by KVIC under PMEGP for FY22 had recorded a steep jump from 5,95,320 jobs created in FY21 and 5,80,896 jobs created in FY20, FE Aspire had reported earlier.

Implemented by KVIC, PMEGP offers maximum assistance of Rs 25 lakh for new units admissible in the manufacturing sector and Rs 10 lakh for the service sector. The scheme allows any individual, above 18 years of age and at least VIII grade pass, to apply for assistance.

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The government had announced extending the scheme in May this year over the 15th Finance Commission Cycle from 2021-22 to 2025-26 with an outlay of Rs 13,554.42 crore. According to the government, the extension is likely to create employment opportunities for around 40 lakh people in five financial years. 

Apart from PMEGP, MSME Ministry through KVIC also implements Khadi Gramodyog Vikas Yojana which has two components — Khadi Vikas Yojana (KVY) and Gramodyog Vikas Yojana (GVY). KVY includes Modified Market Development Assistance scheme, Interest Subsidy Eligibility Certificate Scheme, Work-shed Scheme for Khadi Artisans, and Strengthening Infrastructure of Existing Weak Khadi Institutions and Assistance for Marketing Infrastructure. 

On the other hand, GVY caters to wellness and cosmetics industries, leather footwears, pottery, beekeeping, wood craft, handmade paper and fiber related activities, agro-based food processing industries etc. 

Also read: FE ScaleUp Summit 2022: India’s top MSME voices unfold path for accelerated growth of small businesses

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First published on: 09-12-2022 at 17:35 IST