Latest news with #NitishMishra
Time of India
09-05-2025
- Business
- Time of India
Bihar tops in implementation of PMFME scheme: Minister
Patna: Bihar secured first position in the country for successfully implementing the Pradhan Mantri Formalisation of Micro Food Processing Enterprises (PMFME) scheme in the financial year 2024-25, said industries minister Nitish Mishra on Friday. He said under the scheme, loan approval has been granted to 10,296 applicants. Out of these, loans have been disbursed to 6,589 units, which is 63% of the total distribution, he said. "The PMFME is a scheme for establishing entrepreneurship, especially small-scale industries, in the state. Its excellent implementation has pushed Bihar to the top position. This achievement will promote industries and employment in the state," the minister said. The department is undertaking important steps to strengthen the food processing units of the state. Under the scheme, financial assistance is being provided to units at the individual, group, and community levels through subsidies. Individual micro food processing units are being given a credit-linked subsidy of 35% of their project cost (up to a maximum of Rs 10 lakh). For this, the beneficiary's contribution must be at least 10%, and the total investment, including working capital, must be up to 20%. For group units, such as Farmer Producer Organisations (FPOs), self-help groups, and cooperative societies, a similar subsidy of 35% of the project cost is the Common Facility Centre, FPOs, SHGs, and cooperative societies are being assisted for general infrastructure. Under this scheme, a subsidy of 35% of the project cost (up to a maximum of Rs 3 crore) is possible. The beneficiary group has to make a minimum contribution of 10% and a total capital investment of 20%.The PMFME is a major scheme run by the central govt. Its objective is to promote the unorganised sector of the food processing industry and enhance competition. With the help of this scheme, FPOs, SHGs, and Producer Cooperative Societies also receive their actual categories of beneficiaries can be created under this scheme. These include entrepreneurs, private limited companies, proprietorship firms, partnership firms, NGOs, cooperative societies, FPOs, and self-help groups.
Economic Times
02-05-2025
- Business
- Economic Times
Bihar govt to revisit caste survey data to help poor families
The Bihar government will speed up the disbursal of a financial assistance of Rs 2 lakh each it had promised to 9.4 million poor families it identified through a survey conducted in 2023, state industries minister Nitish Mishra said. The government will also now scan the data again to filter the families who would require financial assistance under this scheme, since there could be families that are receiving benefits under several other schemes, the minister told caste and socio-economic survey conducted in 2023 had found that more than a third, or 9.4 million, of the state's families earned less than Rs 6,000 a month. On November 7, 2023, chief minister Nitish Kumar announced in the assembly that the state government would provide Rs 2 lakh each to these families in three instalments. The state cabinet approved the proposal later that month, but its implementation has been slow with only 100,000 families so far getting the assistance in part or full. Slow pace In fiscal 2023-24, the state government initiated a scheme, Bihar Laghu Udyami Yojana, under which it said the poor families would be given Rs 2 lakh to start a new business or help in their existing ventures. The state government listed 61 kinds of businesses in which these families could seek assistance. In the financial year 2023-24, the government approved Rs 250 crore for the scheme. It increased the allocation four times to Rs 1,000 crore in the last fiscal year. Around 202,000 applications came for assistance under the scheme in the first year. The government randomly selected 50,000 families and paid them the first instalment of Rs 50,000. In the year 2024-25, the government received around a quarter million applications and it provided assistance to another 50,000 randomly selected families. In the last two financial years, the state has been able to give assistance to 100,000 families out of the planned 9.4 million. Industries minister Mishra told ET that out of these families, some have got the second instalment of Rs 1 lakh while some have also got the third instalment of Rs 50,000. But with this pace, it may take years for the government to entirely implement the scheme. "This question may arise in the minds of people. In February this year, a meeting was conducted with the chief secretary of the state where we discussed the ideas for speedy implementation of the scheme," Mishra the current fiscal year, the government targets to provide assistance to at least 60,000 families. "If needed, the budget allocation will be increased," Mishra after this, the total number of beneficiaries left to get assistance will be assured that the state government was committed to fulfil the promise made by the chief minister.
Time of India
02-05-2025
- Business
- Time of India
Bihar govt to revisit caste survey data to help poor families
The Bihar government will speed up the disbursal of a financial assistance of Rs 2 lakh each it had promised to 9.4 million poor families it identified through a survey conducted in 2023, state industries minister Nitish Mishra said. The government will also now scan the data again to filter the families who would require financial assistance under this scheme, since there could be families that are receiving benefits under several other schemes, the minister told ET. #Pahalgam Terrorist Attack Pakistan reopens Attari-Wagah border to allow stranded citizens in India to return Key Jammu & Kashmir reservoirs' flushing to begin soon Air India sees Pakistan airspace ban costing it $600 mn over 12 months The caste and socio-economic survey conducted in 2023 had found that more than a third, or 9.4 million, of the state's families earned less than Rs 6,000 a month. On November 7, 2023, chief minister Nitish Kumar announced in the assembly that the state government would provide Rs 2 lakh each to these families in three instalments. The state cabinet approved the proposal later that month, but its implementation has been slow with only 100,000 families so far getting the assistance in part or full. Slow pace 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo In fiscal 2023-24, the state government initiated a scheme, Bihar Laghu Udyami Yojana , under which it said the poor families would be given Rs 2 lakh to start a new business or help in their existing ventures. The state government listed 61 kinds of businesses in which these families could seek assistance. In the financial year 2023-24, the government approved Rs 250 crore for the scheme. It increased the allocation four times to Rs 1,000 crore in the last fiscal year. Around 202,000 applications came for assistance under the scheme in the first year. The government randomly selected 50,000 families and paid them the first instalment of Rs 50,000. In the year 2024-25, the government received around a quarter million applications and it provided assistance to another 50,000 randomly selected families. In the last two financial years, the state has been able to give assistance to 100,000 families out of the planned 9.4 million. Live Events Industries minister Mishra told ET that out of these families, some have got the second instalment of Rs 1 lakh while some have also got the third instalment of Rs 50,000. But with this pace, it may take years for the government to entirely implement the scheme. "This question may arise in the minds of people. In February this year, a meeting was conducted with the chief secretary of the state where we discussed the ideas for speedy implementation of the scheme," Mishra said. In the current fiscal year, the government targets to provide assistance to at least 60,000 families. "If needed, the budget allocation will be increased," Mishra said. Even after this, the total number of beneficiaries left to get assistance will be assured that the state government was committed to fulfil the promise made by the chief minister.
