DAILY NEWS ANALYSIS
02 July, 2020
4 Min Read
Part of: GS-III- Economy (PT-MAINS-PERSONALITY TEST)
Recently, the Ministry of Food Processing Industries (MoFPI) launched the PM Formalization of Micro Food Processing Enterprises (PM FME) scheme as a part of the ‘Atmanirbhar Bharat Abhiyan’.
The Scheme is expected to generate a total investment of Rs. 35,000 crore and 9 lakh skilled and semi-skilled employment.
Features:
One District One Product (ODOP) Approach: The States would identify food products for districts keeping in view the existing clusters and availability of raw material.
The ODOP could be perishable produce-based or cereal based or a food item widely produced in an area. E.g. mango, potato, pickle, millet-based products, fisheries, poultry, etc.
Other Focus Areas:
Financial Support: Existing individual micro food processing units desirous of upgrading their units can avail credit-linked capital subsidy at 35% of the eligible project cost with a maximum ceiling of Rs.10 lakh per unit.
Support would be provided through credit linked grants at 35% for development of common infrastructure including common processing facility, lab, warehouse, etc. through FPOs/SHGs/cooperatives or state-owned agencies or private enterprises.
A seed capital (initial funding) of Rs. 40,000- per Self Help Group (SHG) member would be provided for working capital and the purchase of small tools.
Duration: It will be implemented over a period of five years from 2020-21 to 2024-25.
Funding Details:
Need:
Source: PIB
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