Prime Minister Rozgar Yojana of India

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Topics: Loan, Debt, Bank
ABOUT PMRY
I. GENESIS OF PMRY
1. Unemployment is considered as a bane of India's development particularly the educated unemployed youth who become unproductive and frustrated are to be paid special attention. The small-scale sector includes village and cottage sectors are found out to be the best means to solve the growing unemployment problem. Self-employment is the only solution to the unemployment. Policy makers and economists studied and drew conclusion that setting up a small scale unit with a moderate investment has got the potential to provide employment to about 4 to 5 people directly and indirectly. The satisfaction of self-employment and the contentment of contributing to the National Income and proving livelihood to few unemployeds can have positive multiplier effect. Adding to it the SSI sector has got the inherent advantage of utilising the local resources, technologies for productive purposes and at the same time could satisfy the needs of the local people and exploit the local market at micro level.
2. Taking all these into consideration the Central Government initially launched Self Employment Scheme for Educated Unemployed Youth (SEEUY) popularly known as. Gramodaya Scheme introduced by Government of India in 1985 wherein financial assistance of not more than Rs.35000 was provided for industries, Rs.25000 for service units and Rs.15000 for business ventures by way of composite loans to eligible educated unemployed youth to start their small enterprises. District Industries Centre (DICs) operated this central scheme at the district level, where 25% of the sanctioned loan amount was granted as subsidy by Central Government to be deposited as fixed deposit in the name of the candidate. This scheme could not be continued successfully. It was estimated that more than 70% of the units became sick and subsequently closed down.
3. Hon'ble Prime Minister of India, announced a new scheme the Prime Ministers' Rozgar Yojana (PMRY) on 15th August, 1993

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