NEW DELHI: According to recent data, the scheme has a success rate of only about 10 per cent as far as grant of loans to aspiring youth willing to start their own small industries under the scheme is concerned. So far, more than seven lakh people applied to avail of the benefits under the scheme in 2015-16.
In 2017-18 until now, however, only about 65,000 of them could succeed in getting loans from the banks under the PMEGP scheme for setting up new micro and small projects.
The BJP came to power with the promise of more job opportunities for youth in the country. However, recent reports have only suggested a looming job crisis in various sectors. According to an estimate, around 1.3 crore youth are entering India’s job market every year. But since 2012, the country has not been able to produce more than 5 lakh jobs on a year-to-year basis.
Recent reports suggest that the IT sector has seen huge lay-offs in the last couple of months in the country adding to the pressure of job crisis.