3% Subsidy on Interest rate for Setting up Milk, Meat and Animal Husbandry Units

To encourage farmers to diversify from the traditional crop cycle and explore allied occupations, the Punjab government has introduced a new scheme under which 3% discount will be given on the interest rate for setting up units of milk and milk products, meat, cattle feed and silage.

The state’s animal husbandry, fisheries and dairy development minister, Tript Rajinder Singh Bajwa on Sunday said the scheme will continue for three years and Rs 15 crore has been reserved by the Government of India for this.

“With the implementation of this scheme, new industries will come up in the state and consumers will get quality products,” the minister said. Punjab dairy development director Inderjit Singh said that only 30% of milk in the state is procured by organised sector factories. The rest of the milk is purchased by dairies, urban creameries, confectioners, restaurants and caterers. “Nowadays, consumers are opting for Ultra Heat Treated Milk (UHT) and long-kept milk from trusted companies, rather than buying milk on a daily basis,” he said, adding, “But apart from Milkfed, there is no other unit in Punjab that produces and sells this milk. Therefore, this is a golden opportunity to benefit from the scheme and make milk products.”

Source: The article is extracted from the Hindustan Times, August 02, 2020.