The Right Time to Start a Food Business in India: Manav Narang Weighs In

The food business is the dream of many Indians, and if you are considering this as your business venture, then it might be the best time. According to Manav Narang, a digital creator, anyone can initiate a successful food business if they make use of the right opportunities, especially in the wake of the incentives provided by the government for the food processing business.

Government Subsidy for Food Business Startups

The Indian government provides a large subsidy under the PMFME (Pradhan Mantri Formalization of Micro Food Processing Enterprises) plan. This strategy gives a subsidy of 35% of the total project cost. For example, if the entire project cost is ₹10 lakh, the applicant would be obligated to pay only ₹6.5 lakh from his personal resources, with the remaining ₹3.5 lakh reimbursed by the government. This subsidy helps entrepreneurs launch their businesses with less financial stress.

Supplementary State Advantages for Food Processing Entities

This is just one of the benefits. Depending on the state of residence, you are qualified for more subsidies. For example, when you start a food processing industry in Gujarat, you receive an extra 10% subsidy on your loan. The extra benefits vary from state to state. Therefore, you need to research the prevailing benefits in your location.

Eligibility and Application Procedure for the Subsidy

The official government website contains all the details on whether your food business qualifies for funding. There are all the eligibility criteria, how to apply, and where to get the money. 

View this post on Instagram

A post shared by Manav Narang (@learnwithcamanav)

Initial Investment and the Role of Consultants

It is important to note that, although the government provides the subsidy, first you will have to spend your own money. To make the process smooth, seeking professional advice from people who may guide you on how to approach the application and loan process can be useful. With proper help, you shall be in a position to launch your food venture and enjoy the benefits associated with this government funding.