Indian Economy News

Vocal for Local Initiative in the food processing sector

The Ministry of Food Processing Industries (MoFPI) is implementing a centrally sponsored PM Formalisation of Micro food processing Enterprises (PMFME) Scheme, as part of the Atmanirbhar Bharat Abhiyan -Vocal for Local Initiative in the food processing sector.

The scheme is being implemented to provide financial, technical, and business support for setting up or upgradation of micro food processing enterprises in the country and is operational for a period of five years from 2020-21 to 2024-25 with an outlay of US$ 1.21 billion (Rs. 10,000 crore).

As of now, about 27,003 loans have been sanctioned in the country under credit linked subsidy component of the PMFME Scheme, out of which 5,864 loans sanctioned in Maharashtra.

The aim of the scheme is to enhance the competitiveness of new and existing individual micro-enterprises in the unorganized segment of the food processing industry and promote formalisation of the sector. The assistance being provided includes support to individual or group category micro-enterprises, support to Self-Help Groups (SHGs) for seed capital, support for the common infrastructure, branding and marketing support, and capacity building.

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