Chief Minister Pu Lalduhoma Launches Mizoram's Flagship 'Handholding Scheme

Tags: State News

On September 19, 2024, Chief Minister Pu Lalduhoma officially launched Mizoram's new flagship initiative, the Handholding Scheme (Bana Kaih).

An Overview of the News

• The launch event took place at Vanapa Hall, Aizawl. The scheme aims to provide financial assistance to entrepreneurs and farmers to promote economic growth and self-sufficiency.

Key Features of the Scheme

• The Handholding Scheme includes five key components designed to support progress partners (beneficiaries).

• The main feature is a collateral-free and interest-free loan system, offering up to Rs. 50 lakh through partner banks.

• The state government will act as a guarantor for the loans, utilizing national credit guarantee schemes.

• Beneficiaries who repay consistently may receive up to 100% interest subvention, making it the first scheme of its kind in India.

Additional Financial Support and Market Assistance

• The Chief Minister's Special Category Scheme offers a grant-in-aid of up to Rs. 1 lakh for individuals unable to avail loans.

• A Minimum Support Price (MSP) has been introduced for four key crops: Ginger, Broom, Turmeric, and Mizo Birdeye Chilli.

• Farmers unable to secure market rates higher than the MSP will receive government support to match the declared rate.

• A pilot procurement program for Paddy in Kolasib and Mamit districts offers a support rate of Rs. 30 per kg.

Implementation and Pilot Phase

• The government of Mizoram has declared the current year as the "Year of Consolidation".

• The Handholding Scheme will be implemented as a pilot project during the current financial year.

• Market and departmental support will be provided to ensure the effective execution of the scheme.