Aizawl, Sep 19 (IANS) Mizoram Chief Minister Lalduhoma on Thursday launched the state’s new flagship initiative, the Handholding Scheme – Bana Kaih – to provide financial assistance and support to entrepreneurs and farmers in the state through a series of targeted programs designed to promote economic growth and self-sufficiency.
Mizoram government officials claimed that the loan scheme was the first of its kind in India.
A senior official said that the ‘Handholding Scheme’, locally named ‘Bana Kaih’, comprises five key components, as outlined in the government guidelines with the main feature being a collateral-free and interest-free bank loan.
A financial support package for selected progress partners (beneficiaries), offering loans up to Rs 50 lakh through partner banks.
The state government would serve as a guarantor for these project loans under existing national credit guarantee schemes, the official stated.
Beneficiaries who consistently repay their loans may also benefit from interest subvention of up to 100 per cent, providing significant relief and encouragement to those who meet their repayment obligations.
The official said that the scheme also includes the Chief Minister’s Special Category Scheme, which provides grant-in-aid of up to Rs 1 lakh.
This grant is intended for individuals who are not in a position to avail loans while having a livelihood project that can be significantly boosted by a small grant.
Another important component of the Handholding Scheme is market support.
As part of this initiative, the government has introduced a Minimum Support Price (MSP) for four key crops — Ginger, Broom, Turmeric, and Mizo Birdeye Chilli.
“If and when the farmer can not find a market rate less than the government declared rate, they shall be given support price up to the government rate.
“Furthermore, in a pilot phase, Paddy from Kolasib and Mamit districts will be procured at a minimum support rate of Rs 30 per kilogram starting this year,” the official pointed out.
He said that this comprehensive scheme is expected to provide a much-needed boost to the state’s economy, particularly in agriculture and small business sectors, by offering financial support and ensuring market stability for key crops.
Another important component is support to the implementing department.
Since the Mizoram government has declared year of consolidation, Handholding Scheme shall be implemented as a pilot phase for this financial year, the official said.
–IANS
sc/dan
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.