Maharashtra’s government has started The Chief Minister Employment Generation Programme (CMEGP). In essence, it is an employment-generating subsidy scheme tied to credit. In both urban and rural areas of the state, the government will establish micro and small businesses to create these employment opportunities.
Objective of CMEGP
The Chief Minister Employment Generation Programme’s (CMEGP) primary goal is to create 1 lac micro and small businesses in the following five years. In addition, this plan will generate job chances. For the first fiscal year, 8 to 10 lakh young people in the region will get employment.
Benefits of the Chief Minister Employment Generation Programme
The Benefits of the Chief Minister Employment Generation Programme includes:
- A project unit may cost up to Rs. 50 lakh if it falls under the manufacturing sector. Projects under the scheme will not happen if the applicant tries to manipulate the system to become qualified under the CMEGP program. Still, the actual project cost is within the established limit.
- The highest project cost allotted for the service sector is Rs. 10 lakh under this scheme.
- Depending on the beneficiary category, beneficiary participation will range from 5% to 10% of the overall project cost. The bank would then give the remaining funds as a term loan.
Features of the Chief Minister Employment Generation Programme
- CMEGP is a scheme that provides credit-linked subsidies to create jobs.
- The creation of micro and small businesses in the state’s urban and rural regions will be the source of these career opportunities.
- The maximum project cost for micro and small businesses will be $50,000.
- Under the administrative supervision of the industries department, the government of Maharashtra and the industry directorate will administer and oversee this program.
In addition, the government will carry out this program through the regional investment centre, the state Khadi Board of Maharashtra, and the Industrial Development Corporation board, all under the supervision of the director of enterprises and banks.
Essential Documents for CMEGP
- a passport-sized photo
- Aadhar Card
- Birth certificate, school transcripts, and a certificate of residence
- Information about education
- Taking action
- Undertaking report
- Certificate of caste
- certificate for a particular category
- REDP, EDP, and Skill Advancement Certificate of Training
Finline is an online platform for creating financial reports for getting bank loans and investments. It’s like ‘Canva’ but for financials. If you are an entrepreneur looking for a bank loan, you need to have a well-crafted project report. We, at Finline help you with that. Our team will help you create a powerful business plan in ten minutes. That too in your language. Also, our reports are accepted by all public and private sector banks working in India. Click to create your report.