The Haryana Government has introduced an Interest Subvention Scheme aimed at enhancing the post-harvest management, processing, and branding of millets. This initiative aims to strengthen the millet market in the state by providing crucial financial support to processing units, thereby boosting the livelihoods of millet farmers.
Under this scheme, millet processing units are eligible to receive an interest subvention of 7% per annum or the actual interest rate paid, whichever is lower, on term loans. The maximum financial assistance available is Rs. 25 lakh per financial year for MSMEs securing term loans specifically for millet processing.
To qualify, Micro, Small, and Medium Enterprises (MSMEs) engaged in primary and secondary millet processing activities in Haryana must have obtained term loans from RBI-regulated financial institutions such as Co-operative Banks, Haryana State Co-operative Apex Bank, NABARD, SIDBI, EXIM, and Commercial Banks. Applications for interest subvention should be submitted through the department's web portal to the Director General, MSME, within three months from the end of the financial year or from the scheme's notification date, whichever is later.
According to an official spokesperson, eligible applications can expect to receive a sanction letter within 40 working days from the date of submission. The issuance of the sanction letter will follow within 10 working days, and disbursement of the sanctioned financial assistance will be completed within 14 days thereafter. This scheme is expected to significantly strengthen millet processing units in Haryana by easing financial constraints and encouraging increased investment in millet processing activities.
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