Mukhyamantri Krishi Udyog Yojana - Eligibility, Selection & More

The Agriculture and Farmers Empowerment Department of the Government of Odisha launched the Mukhyamantri Krishi Udyog Yojana in 2018. Under this scheme, the government provides financial assistance to entrepreneurs in the form of Capital Investment Subsidies on loans for the establishment of new agro-industries in the state of Odisha. Krishi Udyog Yojana encourages young entrepreneurs to start new businesses and boosts agricultural production. Mukhyamantri Krishi Udyog Yojana is discussed in depth in this article.

Krishi Udyog Yojana's Motive

The primary goal of this scheme is to increase farmer income by creating new job opportunities in agro-industries.

Projects Eligible

Entrepreneurs will receive a Capital Investment Subsidy for establishing new agro-enterprises such as:

Agriculture divisions
Horticulture\Fisheries
Farming of dairy cows
Development of animal resources
Food processing industry
Agricultural service center
Veterinary hospital
Production and marketing of biofertilizers
Tissue culture facility
Vermiculture
Breeders farm and poultry hatchery
Confectionery and bakery
Duck farming for profit

The Agricultural Promotion and Investment Corporation of Odisha Limited (APICOL) and the National Informatics Centre will monitor the entrepreneur's agro-industry once it is established under the Mukhyamantri Krishi Udyog Yojana (NIC).

Beneficiaries of the Krishi Udyog Yojana

The following people are eligible for the Mukhyamantri Krishi Udyog Yojana:

An individual Partnership business
Individuals as a group
NGOs, SHGs, and private limited companies that are registered
Individuals, such as registered FPOs, FPCs, NGOs, SHGs, PACs, and LAMPs
Graduates in agriculture and related fields who are women and belongs to different minorities

Commercial Agri-Enterprises Subsidy (CAE)

Capital Investment Subsidy for Commercial Agri-Enterprises (CAE) in Odisha is 40% of the fixed capital subject to a limit of 50 lakh (this does not include the cost of the land) and 50% limited to 50 lakh for SC, ST, Women, Graduates of Agriculture and Allied Disciplines.

Self-financed Commercial Agri-Enterprises (CAE) will be permitted up to an Rs.10 lakh project. Bank financing for not less than 10% of the project cost as a term loan will be required for projects costing more than 10 lakh. The layer production subsidy has been increased from Rs.50 lakh to Rs.75 lakh.

Criteria for Eligibility

The following are the eligibility requirements for MKUY benefits:

Only permanent residents of Odisha are eligible to apply for MKUY subsidy loans.
Benefits are available to an entrepreneur or group of entrepreneurs for an unlimited number of projects. The entrepreneur should earn a net profit of 10% of the project cost, up to Rs.2.00 lakh per year.
If an entrepreneur has previously received CIS (Capital Investment Subsidy) for an Agri-enterprise, he will be eligible to apply for CIS again only after 5 years.