The Pradhan Mantri Rozgar Yojana is an initiative of the Government of India aimed at providing self-employment opportunities to educated, unemployed youth. This scheme was launched in India in 1993 and has undergone modifications over time to align with evolving economic requirements.
Under the leadership of our Prime Minister, Shri Narendra Modi, various new schemes have been introduced for the country’s educated, unemployed youth, facilitating easy access to loan facilities. Consequently, young individuals can secure the necessary capital to start their own businesses at very low interest rates.
If you are unfamiliar with the Pradhan Mantri Mudra Loan Yojana, you can obtain comprehensive information about it through this article. Under this scheme, the government provides loans of up to ₹10 lakh to facilitate business ventures. So, let us explore everything there is to know about this scheme with the help of this article.
Read more – PM Kisan Tractor Yojana: Objectives, Benefits, Eligibility Criteria and Know Application Process
Basic Information of Pradhan Mantri Rozgar Yojana
| Scheme Name | Pradhan Mantri Rozgar Yojana |
| Launch Date | 1993 |
| Objective | Employment for the Youth |
| Benefits | Self-employment |
| Beneficiaries | Citizens of the Country |
| Official Website | labour.gov.in |
What is the Pradhan Mantri Rozgar Yojana?
The Prime Minister’s Rozgar Yojana is a government scheme aimed at providing self-employment opportunities to unemployed youth. Under this scheme, the government has established a platform to provide financial assistance to young entrepreneurs, enabling them to start their own businesses and generate new employment opportunities.
Launched by Prime Minister Narendra Modi, the Prime Minister’s Rozgar Yojana (PMRY) offers a golden opportunity for India’s unemployed youth to start their own businesses. Under this scheme, aspiring individuals can initiate their ventures by securing a bank loan at a low interest rate. Priority is specifically accorded to individuals belonging to Scheduled Castes, Scheduled Tribes, women, and Other Backward Classes.
Benefits of the Pradhan Mantri Rozgar Yojana
Under the PM Rozgar Yojana, priority is accorded to Scheduled Castes (SC), Scheduled Tribes (ST), women, and Other Backward Classes (OBC). A key condition is that the total cost of the business venture must not exceed ₹2 lakh.
If you, too, wish to start your own business, the Pradhan Mantri Rozgar Yojana (PMRY) can help you realize this dream:
- The PM Rozgar Yojana was launched by Prime Minister Narendra Modi.
- Through this scheme, unemployed youth will be provided with loans to establish their own industrial ventures.
- The Central Government will facilitate loans of up to ₹10 lakh—channeled through banks—to unemployed youth across the country to support self-employment initiatives.
- This enables unemployed citizens to establish their own means of livelihood.
- Under this scheme, the maximum cost limit for eligible projects or unit establishments in the manufacturing sector is ₹25 lakh.
- In the business and service sectors, this limit stands at ₹10 lakh.
- Additionally, beneficiaries will be provided with a subsidy ranging from 10% to 15%.
- This scheme aims to encourage unemployed youth to pursue self-employment.
- Consequently, this will boost self-employment opportunities within the country and lead to a significant reduction in the national unemployment rate.
- By availing the benefits of this scheme, unemployed citizens will be empowered to establish their own enterprises.
- Furthermore, they will not face any financial hurdles in their pursuit of self-employment.
- Women will be accorded priority under the PM Rozgar Yojana.
- The scheme encourages beneficiaries to venture into sectors such as tea plantations, fisheries, poultry farming, piggery, and horticulture.
- Projects valued at up to ₹10 lakh can be covered under the scheme, including those undertaken in partnership with other eligible individuals.
- The scheme also incorporates training programs for beneficiaries, typically spanning a duration of 15 to 20 days.
- Ultimately, this scheme will empower the country’s unemployed youth to become self-reliant through self-employment.
Objectives of the Pradhan Mantri Rojgar Yojana
The primary objective of the Pradhan Mantri Rojgar Yojana is to empower the country’s youth by fostering self-reliance through self-employment and to mitigate the problem of unemployment. Under this scheme, the government aims to:
Promote Self-Employment: To make the youth self-reliant by providing them with financial assistance to start their own small-scale businesses.
Reduce Unemployment: The scheme aims to lower the national unemployment rate by providing employment opportunities to unemployed youth.
Encourage Entrepreneurship: To foster an entrepreneurial spirit among the youth, enabling them to start their own ventures and create employment opportunities for others.
Eradicate Poverty: To promote income generation through self-employment initiatives and thereby reduce poverty.
Assist Vulnerable Sections of Society: Under this scheme, special incentives are provided to women, Scheduled Castes/Tribes, and persons with disabilities to ensure their economic empowerment.
Pradhan Mantri Rojgar Yojan Eligibility Criteria
To apply for this scheme, you must fulfill certain eligibility criteria established by the government. Once these criteria are met, you can apply for the scheme with great ease:
Age Limit:
- 18 to 35 years for the General Category.
- 18 to 40 years for Scheduled Castes/Tribes (SC/ST), women, and persons with disabilities.
- 18 to 45 years for residents of the North-Eastern states, Jammu and Kashmir, and Himachal Pradesh.
Educational Qualification:
- The applicant must have passed at least the 8th grade.
Family Income:
- The annual income of the applicant’s family must not exceed ₹1 lakh. This income is determined by combining the total income of the applicant and their parents/guardians.
Unemployment Status:
- The applicant must be unemployed and must not be currently benefiting from any other self-employment scheme.
Read more – Employees’ Pension Scheme: Eligibility Criteria, Benefits, and Know Everything
Proof of Residence:
- The applicant must be a permanent resident of the area where the application is being submitted and must have resided at that location for at least 3 years.
Utilization of Opportunities:
- Individuals who have previously availed the benefits of this scheme are not eligible to apply again.
Experience:
- If the applicant is already involved in any form of business or industry, they will not be considered eligible.
Loan Eligibility:
- The applicant must be deemed creditworthy by banks. If the applicant is already a defaulter with any bank, they may face difficulties in obtaining a loan under this scheme.
Economic Status:
- For individuals applying to this scheme, the family income must not exceed ₹40,000 in rural areas and ₹45,000 in urban areas.
Documents Required for Pradhan Mantri Rojgar Yojana
To apply for the Pradhan Mantri Rojgar Yojana, you are required to submit certain essential documents. This list of documents is generally applicable; however, some states may request additional documents.
- Aadhaar Card
- PAN Card
- Mobile Number
- Residential Certificate
- Caste Certificate
- Income Certificate
- Ration Card
- Passport-sized Photograph
- Bank Passbook
- Educational Certificates
Application Process for the Pradhan Mantri Rojgar Yojana
If you wish to understand the application process for this scheme from the very beginning, a complete step-by-step guide is provided below. By following these steps, you can successfully complete your application:
- First, visit the official website of the scheme at https://labour.gov.in/.
- On the website, click on the ‘PMRY’ option located under the ‘Online Application’ section.
- After clicking the ‘Apply’ button, the page for the PM Employment Generation Programme (PMEGP) will open.
- Fill out your application form on this page.
- Carefully enter all the required information in the application form.
- Check the declaration box and click on ‘Save Application Data’.
- After submitting the form, you will receive a User ID and Password.
- You can then use these credentials to log in to the portal and easily complete your application for the scheme.
FAQs
When was the Pradhan Mantri Rozgar Yojana launched?
The Government of India launched this scheme in 2016 with the aim of providing employment to the unemployed youth of the country. Through this scheme, employment opportunities are provided to the unemployed.
How can one avail of the Pradhan Mantri Rozgar Yojana?
If you wish to benefit from this scheme, you must first visit the District Industries Centre in your district.
How much loan can be obtained under the Pradhan Mantri Rozgar Yojana?
If you wish to start your own business but lack the necessary funds, you can easily obtain a loan of up to ₹20 lakh by availing the benefits of the Pradhan Mantri Rozgar Yojana.
How does one apply for the Pradhan Mantri Rozgar Yojana?
Regarding the application process for the Pradhan Mantri Rozgar Yojana, please note that the facility to apply is available through both online and offline modes.
Who is eligible for the Pradhan Mantri Rozgar Yojana?
If you are considering availing the benefits of this scheme, you must be over 18 years of age. Additionally, you must have passed at least the 8th grade.