The Fact News Service
Chandigarh, July 1
In an effort to promote post-harvest management, processing, and branding of Bajra, the Haryana Government has notified the “Interest Subvention Scheme for Bajra Processing Units”. This initiative aims to strengthen the Bajra market and improve the livelihoods of Bajra farmers by providing financial assistance to Bajra Processing Units in the State.
Giving more information in this regard, an official spokesperson said that the primary objective of this scheme is to support Bajra Processing Units (both new and for expansion/diversification) by providing interest subvention on the term loans availed by these units.
Under this scheme, Bajra Processing Units will receive financial assistance in the form of an interest subvention at 7% per annum or the actual rate of interest paid, whichever is less. The maximum assistance provided will be Rs. 25 lakh per financial year on the term loan availed by MSMEs for Bajra Processing.
The spokesperson informed that the scheme covers various types of enterprises, as per the Micro, Small and Medium Enterprises Development Act, 2006.
In case of Micro Enterprise, Investment in Plant and Machinery or Equipment does not exceed Rs. 1 crore and turnover does not exceed Rs. 5 crore or as amended by the Central government under the MSME Development Act 2006 from time to time. Similarly, in case of Small Enterprise, the Investment in Plant and Machinery or Equipment does not exceed Rs. 10 crore and turnover does not exceed Rs. 50 crore.
In Medium Enterprise, Investment in Plant and Machinery or Equipment does not exceed Rs. 50 crore and turnover does not exceed Rs. 250 crore.
He said that all Bajra Processing MSME units which are involved in the Bajra Processing activities including primary processing and secondary processing of bajra in the State of Haryana and which have availed term loan for bajra processing from financial institutions like Cooperative banks/Sarv Haryana Kshetriya Gramin Bank/NABARD/SIDBI/EXIM/other Commercial Banks under the regulation/aegis of RBI, will be eligible under the scheme.
Application on prescribed form for the grant of interest subvention scheme on the term loan, alongwith the necessary documents should be submitted to the Director General, Directorate of MSMEs on the web portal of the department within three months of closing of concerned financial year for which incentive is being claimed or from the date of notification of the scheme, whichever is later.
The Spokesperson informed that the Letter of Approval for eligible applications will be issued within 40 working days from the date of receipt of the complete application.
Upon approval, the Letter of Sanction will be issued within 10 working days. Following the issuance of the Letter of Sanction, the disbursement of the approved financial assistance will be completed within 14 days.
