Indian Economy News

Pradhan Mantri Formalisation of Micro Food Processing Enterprises (PMFME) Scheme of M/o Food Processing Industries, under Aatmanirbhar Bharat Abhiyan, Completes Two Years

The Pradhan Mantri Formalisation of Micro food processing Enterprises (PMFME) scheme was launched two years ago on 29 June, 2020 by the Ministry of Food Processing Industries, Government of India under the Aatmanirbhar Bharat Abhiyan. The objective of the scheme was to empower the unorganized Micro Enterprises to fulfil the aim of formalising the food processing sector and celebrating their tremendous support towards the economy.

PMFME Scheme ensures financial support of Rs. 40,000 (US$ 506.11) for working capital and purchase of small tools for each member of the Self Help Group (SHG) engaged in food processing activities. Over 1 lakh SHG members have been identified and Rs. 203 crore (US$ 25.69 million) seed capital amount has been released so far.

Nearly 50,000 applicants have registered on the portal and more than 25,000 applications have been successfully submitted so far. PMFME scheme has been implemented in 35 States and union territories in the country.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.