MP Gurumoorthy exhorts youth to make use of PMEGP to set up MSME units

Tirupati: Youth should make use of the Prime Minister's Employment Generation Programme (PMEGP) to establish MSME units, said Tirupati MP Dr M Gurumoorthy. Addressing an awareness programme on PMEGP held at the Collectorate on Friday, he said that youth should approach banks with fullfledged project reports to establish MSME units.

The awareness meeting was crucial to educate them on the advantages of Tirupati in setting up MSME units. It has abundant resources like road, rail and air connectivity along with the Lord Venkateswara temple in Tirupati which provides enormous opportunities in the hospitality sector. He said the state government has been implementing various welfare schemes and giving priority to the industrial sector.

Tirupati also has several universities through which thousands of graduates are getting educated. Banks should come forward to provide loans for them to set up industries to drive away unemployment. The MP said interested youth should make use of subsidies provided by Central and state governments. They can prepare project reports with the cooperation of Khadi and Village industries commission (KVIC) and set up units which have market demand to earn profits.

KVIC Director AP Greev said that under PMEGP upto Rs 50 lakh loans can be provided to set up manufacturing units whereas in services sector loans upto Rs 20 lakhs can be availed. The beneficiaries share will be 5 to 10 percent. The financial assistance will be provided for setting up new micro units only.

AP Khadi board member D Babu, district Industrial officer Prathap Reddy, Khadi and rural industries Assistant Director Varaprasad, Lead bank manager Subhash, other bankers, SETVEN CEO Dr Muralikrishna and other officials attended the meeting.