North East MSMEs to get financial support as IFLDP scheme extended till 2026

New Delhi, Feb 8 (KNN) The government has proposed financial assistance for MSME units manufacturing leather and footwear items in the North East region under the Indian Footwear and Leather Development Programme (IFLDP) having an outlay of Rs 1,700 crore which has been extended till March 31, 2026.

It is likely that financial aid at 40 per cent of cost of plant and machinery to MSME units in North East will be provided and 30 per cent of the same to other units with additional 5 per cent financial assistance for the domestically manufactured plant and machinery will be provided.

MSME units set up on 1st January, 2020 or after will be provided with assistance for their modernisation/capacity expansion/technology at 30 per cent. 

While other units will be provided at 20 per cent.

Catering to the needs of the domestic market and exports is the chief aim of one of the sub-scheme looking at creating better infrastructure.

For promotional and marketing purposes, the assistance is proposed to be 50 per cent of total project cost.

However, it is subjected to a limit of Rs 10 crore for each brand in the next three years to promote 10 Indian brands in the international market in 3 years. 

One of the institutes fr0m NID, NIFT, IBEF, IIFT and others will be selected and appointed as the chief agency who will implement the sub-scheme. 

To create a interface between international buyers, trade fairs, exports and buyer-seller meets, 10 Indian design studios will be developed through assistance. They will be a ‘one-stop- shop' offering a range of services fr0m design, technical support, quality control etc. (KNN Bureau)