Mizoram CM Lalduhoma unveils 'Handholding Scheme' for entrepreneurs, farmers
Sep 19, 2024
Aizawl (Mizoram) [India], September 19 : Mizoram Chief Minister Pu Lalduhoma on Thursday launched the state's new flagship initiative, the "Handholding Scheme" (Bana Kaih), during an official ceremony at Vanapa Hall in Aizawl for entrepreneurs and farmers to promote economic growth and self-sufficiency.
The scheme aims to provide financial assistance and support to entrepreneurs and farmers across the state through a series of targeted programs designed to promote economic growth and self-sufficiency, according to a press release by the Directorate of Information & Public Relations, Government of Mizoram.
The Handholding Scheme comprises five key components, as outlined in the government guidelines. The main feature is 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 will serve as a guarantor for these project loans under existing national credit guarantee schemes, added the DIPR release.
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. This system of loans may be the first of its kind in India.
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, added the release.
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 upto 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.
Another important component is support to the implementing department.
Since the government of Mizoram declared a year of consolidation, the Handholding Scheme shall be implemented as a Pilot Phase for this financial year.
