Coronavirus has put the entire world in a lockdown as there is no antidote of this disease so far. Millions of people across India are under shutdown in an attempt to prevent the spread of the COVID-19 outbreak.
The effect of coronavirus on the Indian economy has been unprecedented with a huge loss. No one has been spared of its ill effects. The global market continues to slide amid worldwide panic over the novel coronavirus.
Meanwhile, the government has released huge funds and new opportunities for India’s dairy sector. The government has launched the Dairy Entrepreneurship Development Scheme (DEDS) under which a loan of up to Rs 7 lakh will be provided from the Livestock Department for opening a 10 buffalo dairy.
This scheme will give a boost to ‘self-reliant India’ endeavour. India is primarily an agricultural country and two-thirds of its population depends on agriculture. Dairy farming is rapidly growing as the most demanding Agri-Business in India where the chances of loss is very less to the farmers.
In view of the growing demand for dairy and milk product, the government had launched the Dairy Entrepreneur Development Scheme (DEDS).
Under DEDS scheme that was launched by the Government on 1st September 2010, there is a provision to provide a subsidy of up to 33.33% of the total project cost to the person who wants to do animal husbandry business. Under this scheme, the Animal Husbandry Department will provide a loan worth Rs. 7 lakh for dairy farm with 10 animal unit.
Animal husbandry business is considered to be an occupation in which the chances of loss are extremely low. Coronavirus crisis has affected every sector in the country as a result of which, entrepreneurs have suffered a huge loss. Now, it is not possible for a person to invest in it. In such a situation, the government has brought this scheme to provide relief to farmers and dairy drivers. It is operated by NABARD.
This scheme will help to provide employment to the people in the villages and increase milk production. The Government of India started the scheme on 1 September 2010.
The main benefits of the scheme are that the entrepreneur needs to invest at least 10 percent of the entire project cost by himself. While the rest 90 percent of the expenditure will be borne by the government.
The subsidy given by ‘NABARD’ will be credited into the same bank account from where the loan is taken, after which the bank will keep the money in the name of the person giving the loan.