The Government of India (GoI) has released Rs 10 crore to National Bank for Agriculture and Rural Development (NABARD) as first instalment for the Dairy Venture Capital Fund(DVCF) this year. The DVCF Scheme aims at generating self-employment and creating infrastructure mainly in the unorganised sector for making improvements in quality. This is likely to result in food safety and will also help to bring a significant portion of the unorganised sector under the ambit of the organised sector.
The components of the scheme are the establishment of small dairy farms; purchase of milking machines, milkotester and bulk milk cooling units; purchase of dairy processing equipments; establishment of dairy products; dairy product transportation facilities with the help of cold chain and cold storage facilities for milk and milk products and setting up of private veterinary clinics.
Financial assistance is provided as loan to rural and urban beneficiaries under a schematic proposal through bankable projects. The scheme is being implemented through NABARD and the funds released by the Centre are kept as revolving funds for further release of interest free loan of 50% to the beneficiary through lead banks. Entrepreneur’s contribution is 10% and the remaining fund is sanctioned by the concerned lead bank as loan.
Rs 122.99 crore has so far been released to NABARD for venture capital funding since 2004-05. Maharashtra, Assam Rajasthan, Karnataka, Tripura and Uttarakhand have benefited most from this scheme.
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