With the launch of the Pradhan Mantri Rozgar Yojana on the 2nd of October 1993 to assist the unemployed youth of India that has been educated well enough to set-up their own self-employed ventures that could benefit the Indian economy as well as generate ideas to develop a better tomorrow for the future of the nation.
The Yojana was launched targeting nearly 7 lakhs enterprises as a result of generating employment of over a million educated unemployed youth in the past four years of the 8th five-year plan.
Table of Contents
- The Objectives of the Pradhan Mantri Rozgar Yojana
- What is the eligibility criteria?
- The advantages of the Pradhan Mantri Rozgar Yojana
The Objectives of the Pradhan Mantri Rozgar Yojana
The Rozgar Yojana has been intended to employ over a million people by starting seven lakh micro ventures for the jobless educated youth. It would recount to starting of self-employment schemes through commerce, service and business plans. The scheme seeks to link non-governmental associations in association with the implementation of the Pradhan Mantri Rozgar Yojana scheme to guide and assort the entrepreneurs and homework of plan report.
What is the eligibility criteria?
- An unemployed educated citizen who is an Indian resident by birth whether rural or urban qualified enough to obtain the job entitled.
- The candidate must be of a working age between 18 and 40 years of age, for the SC/ST the age limit is 45 years.
- Must obtain minimum qualifications Matric (conceded or failed) or ITI conceded or having done Government-funded technical classes for a period of six months.
- The candidate must have an identification proof of residence such as a Ration Card.
- The family income must not exceed INR 40,000/- per annum. The family would signify spouse and parents of the candidate and family earnings would comprise of all earnings from all resource, could be from salary, pay, retirement funds, farming, business, lease etc.
The advantages of the Pradhan Mantri Rozgar Yojana
Start-ups for the youth
- It will be helpful for a huge number of unemployed citizens who are willing and have the ideas to start up their own business.
- It would reduce the difficulty of funding which people face to start up their own ventures.
- To help the youth of rural and urban areas to offer them with the opportunity to create their own lifestyle with a lower rate of interest from banks with easy installments.
- The easy installments will help in taking off the loan amount of repaying the bank loans during the initialisation of the business.
A reduction in the number of people unemployed
- With the growing rate of unemployment caused the growing rate of India’s birth rate this would gradually resist the number of unemployed people in our nation.
- It would encourage more and more people to come up with ideas that would allow further recruitment.
- The PMRY has targeted the age groups of 18 to 35 whose overall family income is INR 24000 per annum who have attained the minimum educational qualifications of 10th
Helpful for both uneducated and educated
- The scheme would help individuals in both the government and non-government sectors.
- Due to the intense competition in both the government and non-governmental sections different people want to start up their own business for their living.
- The scheme is not only for the uneducated youths but also for the uneducated and inexperienced youths who are interested in starting up a business to make a proper living.
- In any field or expertise, this program offers a financial start up for the Indian citizens.
Holds the key to develop the Nation
- This might help in developing the Indian Economy.
- Helping smaller businesses develop might make slow improvements to the country’s economy.
- This will help raise the level of employment.
- It is essential to focus on the smaller business as they employ much more people than large companies.
- This would create a stable condition in the nation.
Maintaining a stable balance
- To maintain an economic balance in a country is really important for a nation to make progress. This scheme is going to provide chances to those individuals who do not have any kind of financial support.
- This is about creating the right balance within the nation and enhance the economic stability.
- With a little help, a small business can have the potential to grow manifold. It cannot be denied that the biggest asset of a poor is integrity and by offering a path to their integrity through the loans and capital amounts, this could definitely be a successful scheme launched in support of the people.