If you’re a part of a growing start-up or an integral part of any organization group, then you must have surely come across the word “subsidy” and even if you’re a normal government employee or a general citizen, you must’ve heard this in the past as subsidy are the schemes that the government extends towards other businesses and products.
The subsidy may be termed as a form of financial assistance provided by both the Central Government and State Government in the form of direct cash, loans, grants, etc, to the businesses operating in the society to make the products that are being sold by the organizations affordable for the general public.
The government on several occasions launch different types of subsidy schemes for the betterment of everyone, now since, we have a good regarding subsidy, we’ll jump straight into some of the subsidy schemes launched by the Government:
Technology up-gradation fund scheme (TUFS)– The Government of India (GoI), Ministry of Textiles (MoT), introduced Technology Upgradation Fund Scheme for Textile and Jute Industries on April 1, 1999, to induct the latest technology for textile units.
Integrated development of the leather sector (IDLS)– The Integrated Development of Leather Scheme is an initiative from the Government of India. It was launched by the Department of Industrial Policy and Promotion (DIPP) in December 2017 to upgrade leather-based industries for productivity gains.
Prime Minister employment generation program (PMEGP)– Minister’s Employment Generation Programme is a credit-linked subsidy program introduced by the government of India in 2008. PMEGP is a merger of two schemes, namely, Prime Minister’s Rojgar Yojna and Rural Employment Generation Programme. The scheme is implemented by Khadi and Village Industries Commission (KVIC).
Lean manufacturing competitiveness scheme for MSMEs– The objectives of the Scheme are to enhance the manufacturing competitiveness of MSMEs through the application of various Lean Manufacturing techniques by reducing waste, increasing productivity, introducing innovative practices for improving overall competitiveness, and inculcating good management systems.
Marketing assistance scheme by NSICA– Marketing assistance scheme is meant to assist with marketing products at various exhibitions, trade fairs, promotional events, and buyer-seller meet.
Government subsidy for small business for cold chain– The scheme aims to provide integrated cold chain and preservation infrastructure facilities, without any break, from the farm gate to the consumer. It covers the creation of infrastructure facilities along the entire supply chain through pre-cooling, weighing, sorting, grading, waxing facilities at farm level, etc.
Technology and Quality up-gradation for MSME (TEQUP)– This scheme is implemented by the Ministry of MSME for energy-efficient technology for technology and quality up-gradation support to MSMEs and to make the MSME sector energy efficient and increase their competitiveness.
Subsidies do have certain loopholes such as goods shortage, increase in taxes, subsidy leakage, etc, but we can’t deny the fact that subsidies are really important for business, especially in the field of food processing as most of the schemes are based upon this sector.
I think to make full use of the benefits provided by the government under several subsidy schemes, a proper subsidy planner is very important for any business. Allow me to give you a free tip, if you want to make the best use of the subsidies and want to learn about all those policies in the most effective way along with a one-on-one consultation for your business, then do go for Top Food Processing Subsidy Consultant in India and get rolling.
The Subsidy Squad is a team of financial advisors who advise you in finding the best business subsidy policy, help in understanding I, and serve you in availing the benefit of it, something that only a few organizations are capable of doing.
Do check them out, you won’t be disappointed!
Mayur Writes 