Lending

The government gives Rs 10 Lakh for the food processing industry; Farmers to get a direct benefit


Prime Minister Narendra Modi launched the Pradhan Mantri Food Processing Microenterprise Formalization Program (PMFME), under the ‘Aatmanirbhar Bharat Abhiyan‘and the’ Vocal for Local ‘campaigns, to provide technical, financial and commercial support to micro-food processing units in the country.

The total funds allocated to this scheme have been estimated at Rs. 10,000 crores and will be paid from 2020 to 2025. A subsidy of up to Rs 10 lakh will be granted this year to beneficiaries, in particular for projects related to the agrifood industry.

PMFME objectives:

  • Access to credit for existing food processing micro-enterprises, Agricultural producer organizations(FPO), cooperatives and self-help groups (SHG), for technological upgrading as well as improving the competitiveness of individual micro-enterprises operating in the unorganized food processing industry.

  • Assistance to 200,000 existing micro food processing units to transform them into organized units, strengthening their marketing and branding, and integrating the supply chain with formal units

  • Increased access to shared services, such as storage, incubation facilities and packaging

  • Professional and technical support for food processing entrepreneurs

  • Appropriate training and research for individual or collective food processing companies

The PMFME program has adopted the One District One Product approach. Under this approach, the state identifies and selects a food product for the district, which could be a perishable agricultural crop, such as cereals, or a food product that is largely produced in the district. Tomato, mango, potato, lychee, millet products, peach, poultry, meat and animal feed are some of the food products covered by ODOP. Traditional and innovative products like honey, minor forest products in tribal areas and herbal products like turmeric are also supported by the program.

Nashik Onion was chosen as part of the One District One product.

District Agriculture Superintendent (Nashik, Maharashtra) Vivek Sonawane appealed to district agriculture officers to submit loan applications under the Pradhan Mantri program for micro-industries in food processing.

And the approval of the loan for the food industry was organized from January 3 to 18, 2022. For which the district superintendent of agriculture appealed to interested persons to submit proposals for it.

Loan application process: Detailed program guidelines and information on submitting an online application have been provided on the website. official site.

Eligible beneficiaries are requested by the Administration to speed up the Bank’s loan approval process from the preparation of the detailed project plan and submission proposals in a prescribed manner.