Introduction
The Government of India has launched the PMFME (Pradhan Mantri Micro Food Processing Enterprises) scheme to encourage micro food processing industries in rural areas. The scheme was launched in 2020, but new changes and improvements have been made in it in 2024, so that small entrepreneurs can get more benefits.
The objective of PMFME Scheme
The main objective of the PMFME scheme is to promote micro food processing units in rural areas. Under this scheme, the government aims to provide technical support, financial assistance, and other important resources to small entrepreneurs, so that they can grow their enterprise and make it self-reliant.
About PMFME Scheme
The full form of PMFME is Prime Minister’s Formalization and Micro Enterprises (PMFME) Scheme. It is a flagship scheme of the Government of India, which aims to encourage micro and small enterprises and bring them into the formal sector.
Key Highlights of the PMFME Scheme
| Name of the scheme | PMFME Scheme |
| who Launched | Government of India |
| Objective | Provide various benefits |
| Beneficiaries | Citizens of India |
| Application process | online |
| Official website | PMFME Portal |
| Helpline number | 02112-255227 |
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Eligibility Criteria
To be eligible for the PMFME scheme, an industry must fulfil the following criteria:
- The applicant must be a small entrepreneur in the food processing sector.
- The industry must be a micro or small scale industry, as defined by the Government of India.
- The industry must be located in any state or union territory of India.
- The industry must be registered with the Department of Industries or the concerned State Government.
- The financial position of the industry must be stable and healthy.
- The industry must have a good credit history, i.e. the industry must have made timely repayments of previous loans.
- Various types of loan facilities are provided to industries such as advance loans, working capital loans and equipment purchase loans.
- The government provides interest subsidy on these loans, which enables industries to avail loans at lower interest rates.
- The government helps industries in getting loans from banks through the credit guarantee scheme.
- Technical training, business management assistance and marketing assistance are provided to the industries.
Benefits of PMFME Scheme
Micro and small industries receive several important benefits under the PMFME scheme, including:
- Under the scheme, industries are provided with various types of credit facilities such as advance loans, working capital loans and equipment purchase loans.
- The government provides interest subsidy on these loans, which enables industries to avail loans at lower interest rates.
- The government helps industries to obtain loans from banks through the Credit Guarantee Scheme.
- Industries are provided technical training, business management support and marketing support.
- The scheme aims to bring micro and small industries into the formal sector, thereby making them eligible for government schemes and boosting their growth.
- Promotion of micro and small industries through the scheme increases employment opportunities.
- The development of these industries contributes to the country’s gross domestic product (GDP).
- Industries receiving assistance under the scheme are able to boost exports.
PMFME Scheme Apply Online
The process to apply for the PMFME scheme is as follows:
- You can get the application form from the PMFME scheme website or from the concerned government offices.
- To apply online, first you go to visit the oficial PMFME website and download the application form of PMFME scheme.
- Enter your personal and industry information in the application form.
- Also read the list of required documents and keep them ready.
- Submit all the documents which are asked from the applicant in the application form.
- Industry registration certificate
- GST registration certificate of the industry
- Bank account details of the industry
- Identity proof of the industry owner (Aadhaar card, passport, driving license)
- Residence proof of the industry owner (Aadhaar card, ration card, electricity bill)
- Financial details of the industry (balance sheet, profit and loss statement)
- Other required documents (if any)
- Upload the application form and required documents online or submit it at the concerned government office.
- Your application will be scrutinized by the government. If you meet all the eligibility criteria, your application will be accepted.
- Once your application is accepted, you will be eligible to receive various types of assistance under the PMFME scheme, such as loans, interest subsidy, credit guarantee and training.
FAQs
What is the main objective of launching the PMFME Scheme 2024?
The main objective of launching the scheme is to upgrade the food sector in India.
Who is eligible to avail of the benefits of the PMFME Scheme 2024?
All the Indian citizens running small-scale food businesses qualify for PMFME Scheme 2024 benefits.
How much seed fund will the PMFME Scheme 2024 provide?
There is no specific amount of seed fund prescribed under the PMFME Scheme 2024. However, other assistance provided under the scheme can help in starting new industries.