New Delhi: The Union government on Wednesday announced Rs 15,000 crore infrastructure fund to provide interest subvention of up to 3% to private players for setting up of dairy, poultry and meat processing units. A decision in this regard was taken in the Cabinet meeting, chaired by Prime Minister Narendra Modi.
The landmark decision is likely to provide employment to nearly 35 lakh youths in the country via Rs 15,000 crore Animal Husbandry Infrastructure Development Fund for infrastructure related development in animal husbandry, dairy and livestock related enterprises.
‘Infra fund, part of Rs 20 lakh economic package’
Animal Husbandry Minister Giriraj Singh said that the new infrastructure fund is part of the Rs 20 lakh crore economic package announced to help those affected due to the lockdown clamped to prevent the spread of COVID-19.
“For the first time, we will give interest subvention up to 3 per cent to private players for setting up of processing infrastructure for dairy, poultry and meat,” he added.
Under the scheme, upto 90 per cent of loan for starting such enterprises will be given by banks. Government has also extended an Interest subvention of 3 per cent on all such loans under the scheme.
The Development Fund will incentivise infrastructure investments in dairy, meat processing and animal feed plants. Eligible beneficiaries under the Scheme would be Farmer Producer Organizations (FPOs), MSMEs, Section 8 Companies, Private Companies and individual entrepreneurs.
Mr. Javadekar also informed that government has extended a 2 per cent interest waiver to nearly 9 crore 37 lakh Mudra Shishu loan borrowers.