CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Bihar has emerged as a standout performer in implementing the Pradhan Mantri Formalisation of Micro Food Processing Enterprises (PMFME) scheme for the financial year 2024-25. According to the state’s Industries Minister, Nitish Mishra, 10,296 applicants received loan approvals under the scheme, with 6,589 units successfully securing disbursed loans, accounting for 63% of the total approved applications. This significant achievement is expected to strengthen Bihar’s industrial sector and create employment opportunities.
About PMFME Scheme
Launched in 2020 as part of the Atmanirbhar Bharat Abhiyan, the PMFME scheme aims to formalize and upgrade India’s unorganized micro food processing sector. It seeks to enhance the competitiveness of small-scale food processing units through financial assistance and infrastructure support. The scheme is set to run until 2025-26, with a total budget of Rupees 10,000 crore.
Financial Assistance For Individual Units
The scheme provides credit-linked subsidies for both individual entrepreneurs and group enterprises. Individual micro food processing units can receive a subsidy covering 35% of the total project cost, up to a maximum of Rupees 10 lakh. Beneficiaries are required to contribute at least 10% of the project investment, with the remaining amount funded through bank loans.
Support For Group Units
For group entities such as Farmer Producer Organisations (FPOs), self-help groups (SHGs), and cooperatives, the scheme offers a similar 35% subsidy, with a maximum limit of Rupees 3 crore per project. These groups must also contribute at least 10% of the project cost to qualify for the subsidy.
Common Facility Centres (CFCs)
The PMFME scheme also promotes the development of Common Facility Centres (CFCs) for FPOs, SHGs, and cooperatives. These CFCs are designed to improve shared infrastructure and enhance the overall operational efficiency of the food processing sector.
Diverse Beneficiary Base
The scheme targets a wide range of beneficiaries, including entrepreneurs, private firms, cooperatives, non-governmental organizations (NGOs), and SHGs. This broad inclusivity ensures that the benefits reach various segments of the food processing industry.
Key Objectives Of PMFME Scheme
The primary goals of the scheme include:
Increasing access to formal financial support for micro food processing units.
Boosting revenue for small-scale enterprises.
Promoting adherence to food safety and quality standards.
Empowering women entrepreneurs.
Supporting economic development in aspirational districts.
Implementation Timeline And Goals
The PMFME scheme aims to support approximately 200,000 micro-enterprises over its five-year timeline. It follows a 60:40 cost-sharing model between the central government and state governments, ensuring broad-based support for the food processing sector.
Skill Development And Technical Support
In addition to financial assistance, the scheme provides on-site training, technical support, and handholding to ensure that beneficiaries have the necessary skills and knowledge to effectively run their businesses. This holistic approach is designed to foster long-term growth and sustainability in the sector.
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