Three districts in Jharkhand are poised to gain significant advantages from the Atmanirbhar Bharat Abhiyan, a government initiative focused on empowering small enterprises through targeted financial assistance. This program aims to bolster the local economy by providing support to small businesses, which are crucial for job creation and economic growth.
First step in this initiative
The first step in this initiative involves the identification of small units within the three selected districts that will be designated as beneficiaries of the program. These small enterprises will be eligible to receive loans at reduced interest rates, a move designed to enhance their financial viability and enable them to achieve self-sufficiency. By easing the financial burden on these businesses, the initiative seeks to foster an environment where they can thrive and contribute to the local economy.
Subsidies of up to 50 percent
The Ministry of Food Processing Industries is playing a pivotal role in facilitating this initiative under the Prime Minister Formalization of Micro Food Enterprises (PMFME) Scheme. This scheme is particularly beneficial as it includes a provision for subsidies of up to 50 percent, making it more accessible for small units to take advantage of the financial support available. The overarching goal is to formalize and strengthen the micro food enterprise sector, which is often characterized by informal operations and limited access to resources.
The initiative is being led by Industry Minister Sanjay Prasad Yadav, who is committed to ensuring that the benefits reach the intended recipients. Industry Director Sushant Gaurav has confirmed that the state government will take an active role in selecting the small units that will participate in this program across the three designated districts.
To facilitate the distribution of financial support, a fair will be organized in Godda, which will serve as a platform for small units to engage with the initiative. Following this event, similar fairs are planned for Hazaribagh and Jamshedpur, creating multiple opportunities for local entrepreneurs to access the resources they need. During these fairs, food processing units will be selected, and the process of communication with the central government will be initiated to ensure that the necessary support is provided in a timely manner.