Haryana Govt Launches Interest Subvention Scheme For Millet Processors

The Haryana Government has introduced an Interest Subvention Scheme for Millets Processing Units to enhance post-harvest management, processing, and branding of millets. This initiative aims to bolster the millets market in the state by providing financial support to these units, thereby improving the livelihoods of millet farmers.

An official spokesperson explained that the scheme's primary goal is to offer interest subvention on term loans taken by millets processing units. These units will receive an interest subvention of 7% per annum or the actual interest rate paid, whichever is lower. The maximum assistance available under this scheme is Rs. 25 lakh per financial year for term loans availed by MSMEs for millet processing.

The scheme encompasses various enterprise categories as defined by the Micro, Small and Medium Enterprises Development Act, 2006. For micro enterprises, investment in plant and machinery or equipment should not exceed Rs. 1 crore, and turnover should not exceed Rs. 5 crore. For small enterprises, investment should not exceed Rs. 10 crore with a turnover cap of Rs. 50 crore. Medium enterprises can invest up to Rs. 50 crore in plant and machinery or equipment with a turnover limit of Rs. 250 crore.

Application Process

Millets processing MSME units engaged in both primary and secondary processing activities within Haryana, which have availed term loans from financial institutions regulated by RBI such as Co-operative Banks, Haryana State Co-operative Apex Bank, NABARD, SIDBI, EXIM, and Commercial Banks, are eligible for this scheme. Applications for interest subvention must be submitted to the Director General, MSME through the department's web portal within three months from the end of the financial year or from the scheme's notification date, whichever is later.

Sanction and Disbursement

The spokesperson stated that eligible applications would receive a sanction letter within 40 working days from the application receipt date. Following this, the sanction letter will be issued within 10 working days. Once the sanction letter is issued, disbursement of the sanctioned financial assistance will be completed within 14 days.This scheme is expected to significantly aid millets processing units in Haryana by reducing their financial burden and encouraging more investment in millet processing activities.