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Friday, 15 May 2020

Economic Package 3.0: Centre Allots Rs 10,000 Cr For Formalisation Of MFEs To promote Modi's 'Vocal For Local'

Economic Package 3.0: Centre Allots Rs 10,000 Cr For Formalisation Of MFEs To promote Modi's 'Vocal For Local'

Economic Package 3.0: Centre Allots Rs 10,000 Cr For Formalisation Of MFEs To promote Modi's 'Vocal For Local'

Union Finance Minister said that unorganised MFEs units need technical upgradation to attain FSSAI food standards, build brands and marketing. For the same, the Centre has launched a scheme which aims to benefit as many as 2 lakh MFEs attain above goals.


New Delhi: In a major move to promote Prime Minister Narendra Modi's vision of 'vocal for local', Finance Minister Nirmala Sitharaman announced a fund of Rs 10,000 Crore allotted for the  formalisation of Micro Food Enterprises (MFE).

Unveiling the third leg of the Covid-19 economic package as part of the 20 Lakh crore Atmanirbhar Bharat Abhiyan (Self-reliant India Campaign), Union Finance Minister launched a scheme which aims to benefit as many as 2 lakh Micro Food Enterprises.

Union Finance Minister said that unorganised MFEs units need technical upgradation to attain FSSAI food standards, build brands and marketing. For the same, the Centre has launched a scheme which aims to benefit as many as 2 lakh MFEs attain above goals.

Aiming to implement PM's vision of ‘Vocal for Local with Global outreach’, a scheme will be launched to help 2 lakh Micro Food Enterprises; Improved health and safety standards, integration with retail markets and improved incomes to be key focus areas#AatmaNirbharDesh pic.twitter.com/nnuXlJdPyp


— PIB India #StayHome #StaySafe (@PIB_India) May 15, 2020

Elaboration the measures, Nirmala Sitharaman, co-joined by the MoS Anurag Thakur and other finance ministry officials said that existing micro food enterprises, farmer producer organisation, self-help groups and cooperatives will be supported from this initiative. This is expected to improve health and safety standards, integration with retail markets and improved incomes.
 These announcements come as part of the third round of unveiling details of 'Atmanirbhar Bharat Abhiyan' worth Rs 20 lakh crores. While interacting with the media, Finance Ministry announced 11 measures in order to push the economy which was badly hit by corona induced lockdown. Of the 11 measures, 8 focus on strengthening infrastructures, logistics, storage and the rest 3 relate to govt and administrative reforms.

In the round-I of press briefings over the 20 Lakh Cr economic stimulus, Central government on Wednesday announced 15 measures to push the economy towards the betterment of the poor. She had announced a slew of fiscal and regulatory measures for MSMEs, real estate, NBFCs, power distribution and general businesses and workers. The measures revealed on Thursday focused to help small farmers, traders, street vendors and migrant workers who have been worst-hit by the countrywide coronavirus lockdown.



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