Get in touch 4th Floor, NeGD, Electronics Niketan, 6 CGO Complex, Lodhi Road, New Delhi - 110003, India PMEGP stands for Prime Minister Employment Generation Programme, a government-based credit-linked subsidy scheme for new enterprises. Learn about the eligibility criteria, subsidy rates, interest rates, documents required, and how to apply for PMEGP loan online. Prime Minister’s Employment Generation Programme ( PMEGP ) scheme announced by Hon’ble Prime Minister of India on 15th August, 2008 in his address from Red Fort. PMEGP The Prime Minister Employment Generation Programme (which is the PMEGP full form ) is a Government of India-backed credit linked subsidy scheme. Under this scheme, beneficiaries can get a subsidy amounting to 15-35% of the project cost from the government.