88 views 3 mins 0 comments

Minister P Rajeev Inaugurates Seed Capital Financial Assistance Scheme

In Business
October 20, 2021

P.Rajeev, minister for law, industry, and coir inaugurated seed capital financial assistance scheme in Kochi. The assistance is given to Self Help Groups (SHGs) as part of the Pradhan Mantri Formalisation of Micro food processing Enterprises(PMFME) project. State-level inauguration of distributing seed capital financial assistance scheme was held in hotel Avenue centre at Panampilly Nagar in Kochi.

Rajeev said the government is working on the idea of starting an online platform to deliver products manufactured by Kudumbashree and other Micro, small, and medium production units. The government has already initiated preliminary level talks, the minister added.

The central government started the Pradhan Mantri Formalisation of Micro food processing Enterprises scheme in association with the state governments to give incentives to food processing industries. This scheme is intended to give financial, technical, and business assistance to tiny food processing enterprises.

‘One district one product’ scheme was devised to identify one product from each district and to promote its sale. This scheme includes procuring raw materials using common facilities for production and helping to widen the market for the product. The food processing ministry also helps entrepreneurs in building logistical support and developing the brand building for the product

Members of the self-help group will get initial capital up to Rs 40,000 to purchase machines from the PMFME scheme. Members of the self-help groups involved in the food processing industry are entitled to get 35 per cent of the credit linked capital subsidy subject to a maximum of 10 lakh rupees. Capital investment of the SHG federation could also get a 35 percent subsidy through credit-linked grants.

The food processing ministry through Atma nirbhar Abhiyan project will give Rs 4,30,51,096 as seed capital fund to 1440 Kudumbasree units in Kerala.

Industry department principal secretary and Kerala Bureau of Industrial Promotion (K-BIP) chairman Dr. K Elagovan gave the keynote address. KSIDC managing director and PMFME Kerala nodal officer Rajamanikyam welcomed the guests

K- BIP CEO, S.Soorj, Ernakulam district industries center general manager Biju P Abraham, Ernakulam Kudumbashree mission coordinator Ranjini S, participated.

Chief of the Agribusiness incubator of the Kerala Agricultural University Dr, K P Sudheer moderated various technical sessions. He also conducted a session on the PMFME scheme and Agribusiness incubator. Ernakulam dairy extension officer CS Ratheesh Babu and Vazhakulam pineapple research station assistant director Dr. T Maya took classes on milk and its value-added products, and value-added products of pineapple, curry powder, jam, and squash respectively