PMFME Scheme: The Horticulture and Food Processing Department in Moradabad is promoting the rice industry by supporting entrepreneurs through the Prime Minister’s Micro Food Industry Upgradation Scheme (PMFME). This initiative offers a subsidy of up to 35% on machinery costs, requiring entrepreneurs to invest only 10% themselves, while the rest is covered by a bank loan. This facilitates business establishment and expansion, especially with the anticipated rise in rice demand, promising profitable opportunities for trading naturally grown rice.
Steps to initiate a business under the scheme
Vimal Kumar Tomar, District Resource Person (DRP) at the Horticulture and Food Processing Department, highlighted the implementation of the PMFME. Entrepreneurs interested in starting a rice processing venture need to focus on machinery rather than the rice itself. The scheme supports the installation of various machines for cleaning paddy, removing impurities, dehusking, and rice conversion, with a 35% government subsidy for machinery installation. Entrepreneurs are only required to contribute 10% of their capital, with the rest being covered by bank loans, typically around 90% of the project cost, along with the 35% subsidy.
Documents needed for application
To qualify for the scheme, applicants must provide recent bank statements, a PAN card, a ration card, machinery quotations, and other essential documents. For loans exceeding Rs 10 lakh, an Income Tax Return (ITR) is also necessary.
Successful entrepreneurs in the district
Currently, approximately 20 to 22 entrepreneurs are involved in the rice business in Moradabad, experiencing profitable outcomes and steady growth with the aid of government subsidies. These businesses have not only increased their revenue but also created job opportunities for many individuals. For those interested in establishing a rice processing industry under this scheme, the Horticulture and Food Processing Department can provide the required information and guidance.
As per reports, many people in Palamu are taking advantage of this scheme and creating and selling their own brands. This scheme could prove to be a major opportunity for rural youth and small entrepreneurs. By starting their own businesses at a low cost, people can not only find employment but also become capable of providing employment to others. The PMFME scheme is becoming a strong step towards self-employment and a self-reliant India.