Uttar Pradesh has secured the first position nationwide in the PM Micro Food Processing Enterprises (PM-FME) Upgradation Scheme, achieving a remarkable 98 per cent loan approval rate compared to the national average of 80 per cent. The average term loan approval period in the state is 100 days, 50 days faster than in other states.
Deputy Chief Minister Keshav Prasad Maurya attributed the sector’s growth to reduced GST rates on food products, which have boosted demand and revitalised the food processing industry.
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A virtual meeting chaired by Additional Chief Secretary (Horticulture and Food Processing) BL Meena saw participation from Government of India representatives and banking officials. During the meeting, instructions were issued to write to the Finance Ministry regarding zonal officials of HDFC Bank, ICICI Bank, and Punjab National Bank for not meeting the action plan targets.
Conversely, officials from Ayodhya, Sultanpur, Kaushambi, and Prayagraj were to be awarded letters of appreciation for their exemplary work.
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Under the PM-FME scheme, grants of up to 35 per cent of the project cost (maximum Rs 10 lakh) are provided. So far, over 400 entrepreneurs in UP have had projects approved, with a total investment exceeding Rs 100 crore. Of these, 60 projects have been completed, and grants worth Rs 250 crore have already been disbursed.
The scheme has also encouraged young entrepreneurs from India and abroad to set up modern food processing units in Bareilly, Rampur, and Shahjahanpur by purchasing or leasing land.