MoFPI to roll out Gram Samridhi Yojana for small processing units
THE MINISTRY OF FOOD PROCESSING INDUSTRIES (MoFPI) is rolling out a new scheme specifically targeting small units in food processing sector. With over ₹3,000 crore fund corpus and support from the World Bank, the scheme named as Gram Samridhi Yojana is aimed at upgrading the smaller units of food processing in rural areas.
The scheme has got the approval from Niti Ayog while the proposal would now be sent to the Ministry of Finance for approval. Out of ₹3,000 crore, ₹1,500 cr is being provided by the World Bank, ₹1,000 crore by the Union government and ₹500 crore shall be the state government’s contribution to the project. MoFPI has been working on this scheme for the last four months, which also aims at improving the entrepreneurship among smaller units. The scheme shall be used for making credit available to the smaller food processing units across the country and for transfer of technologies. This plan will be in addition to the ₹6,000 crore fund marked for the Pradhan Mantri Kisan Sampada Yojana.
The Ministry will be investing heavily on improving the entrepreneurship development for micro units, along with providing capacity to access the credit institutions available in the country and providing training and research & development support to them, under this plan. According to MoFPI, there are arond 25 lakh SME units currently operating in the food processing sector and this scheme would also look into affordable and transferable technology solutions for the sector.
Aimed at helping the smaller processing units run as cottage industry, or run by farmer producers’ organisations in rural parts of the country, the scheme is designed to impart people information regarding updated machinery and management skills with respect to the food processing sector. Under this plan, the ministry is expecting to disburse a loan of up to ₹10 lakh to individual or a group interested in availing the credit facility along with interest subsidy.