• In such circumstances; the thought process of the RESIDENTS OF Bihar state should be taken towards raising their own Micro, Small and Medium Enterprises (MSMEs) in the Food Processing Sector in their areas.
• The Govt of India has many Schemes to spur the Growth of Micro Food Processing Units in all states in India.
• The PM Formalization of Micro Food Processing Enterprises (PM FME) specifically targets the growth of Micro Food Processing Units in India.
• This Scheme aims to give direct financial assistance in the form of credit linked subsidy to about 2 lakh Micro Food Processing Units in all states in India.
• The total outlay of the scheme is Rs 1000 Crore ($ 1.3 Bn) spread over a span of 5 years from 2020-21 to 2024-25.
• Micro Food Processing Units are Businesses with fund involvement of upto Rs 25 Lakh in Plant and Machinery.
• It has been ASSUMED that similar incentives for this sector would continue even beyond 2024-25.