Business ideas: When it comes to business, the biggest problem is money. But the truth is that money is not everything to start a business, the real thing is a good idea and the right project. Today we are going to tell you about a project which is not only fully supported by the Government of India but also loans are easily available under many government programs like Pradhan Mantri Mudra Yojana and schemes of the Ministry of Agriculture. Not only this, the annual income from this business can also be up to Rs 3 lakh per month, which sounds big but it is possible with the right direction and hard work.
Why is the asafoetida business special?
Asafoetida is considered the king of spices in India, which is used in the kitchen of every house for its unique taste and digestive power. Asafoetida has a different touch in dal, vegetables, and many dishes. But do you know that asafoetida is not cultivated on a large scale in India, so most of its consumption is fulfilled by asafoetida imported from abroad. The market of asafoetida in the country is very big, about 1200 to 1500 tonnes are consumed, and its market size is in crores of rupees. In 2018, the price of asafoetida was Rs 35 thousand per kg, which has now increased to 40 to 50 thousand rupees per kg. Understand how profitable the business of asafoetida can be.
The market of asafoetida is also growing rapidly due to the increasing demand for health and Ayurvedic products. Especially in hilly areas like Himachal Pradesh, government institutions like CSIR-IHBT have succeeded in cultivating asafoetida, due to which domestic production is also gradually increasing.
Raw material and its availability
The raw material of asafoetida, which is called the resin of Ferula Asafoetida, is mostly imported from countries like Afghanistan, Iran, Turkmenistan, and Uzbekistan. A license is also available for this in India, the fee of which is about 10 thousand rupees. Until your license comes, you can buy raw material from big spice markets like Delhi, Mumbai, and Kolkata. Good raw material is also easily available from Khari Baoli, which is the famous spice market of Delhi.
Asafoetida cultivation is also starting in hilly areas like Himachal Pradesh, Uttarakhand, and Jammu and Kashmir, so the supply of this raw material is going to increase in India in future. You can contact the farmers of these areas right now, so that you can have a good supply in the future.
Need and cost of machines
Some special machines are needed to make processed asafoetida, which make the work easier and improve the quality. First there is a pre-cleaner machine, which removes dust and dirt from raw asafoetida. Then comes the grinder machine, which grinds asafoetida into fine powder. After this, a mixing machine is needed, which makes a compound by mixing asafoetida with wheat flour or other substances. If you want to increase the purity, you can also use a filter press machine. And finally the packaging machine, which packs the asafoetida properly so that its freshness is maintained when it reaches the customers.
On a small scale, 3-4 machines are enough, whose total cost can be around 3 to 5 lakh rupees. If you want to work on a large scale, the number of machines will increase and the cost can also reach 10 to 20 lakh rupees. These machines are easily available in big industrial cities of India like Delhi, Mumbai, Ahmedabad, and Kolkata. There are many sellers available on the online marketplace IndiaMART, who can give you the right machine and at an affordable price. Also, subsidy is also available from the government under the MSME scheme, which can reduce your cost.
Export opportunities
The demand for India’s processed asafoetida is increasing rapidly not only in the country but also abroad. In countries like the Middle East, Europe and America, where the popularity of Indian cuisine is increasing, there is a huge demand for this spice. If you make a good product, then you can get a lot of profit from export. For this, APEDA (Agricultural and Processed Food Products Export Development Authority) helps you, so that you can sell your product in the international market.
Students, women and retired people can also start
This business is not only for adults. College students, candidates preparing for competitive exams can also do this work comfortably along with their studies. By buying raw asafoetida on a small scale, it can be processed and packed manually and supplied in the local market. It can also be supplied to companies of Ayurvedic medicines. Also, through online platforms, access can be made to different cities of the country and abroad.
The special thing is that working women and housewives can also do it comfortably from home. Along with household responsibilities, this part-time business can be started, which can be started with minimal investment (about 50 thousand to 1.5 lakh rupees).
Retired government employees, who have pension and savings, can also try their hand in this business. The management and administrative experience gained in government service will be useful in this business. Also, local networks such as colleagues and community can help you increase your sales and supply. There is also time after retirement, so that the business can be run with full dedication.
Profit margin and chances of success
The profit in the asafoetida business can range from 25% to 40%. Suppose the cost of 1 kg of raw asafoetida is Rs 20 thousand and the processing cost is Rs 10 thousand.