Business
Food Processing Industry Invests Nearly Rs 4,900 Crore Under PLI Scheme So Far: Govt
A food processing unit (NITI Aayog)
The government on Thursday (29 December) said the food processing industry has made an investment of Rs 4,900 crore under the production-linked incentive (PLI) scheme so far.
Prime Minister Narendra Modi-led Union Cabinet had approved the PLI scheme for the food processing industry, with an outlay of Rs 10,900 crore, in March 2021. The scheme is to be implemented for a period of seven years till 2026-27.
''Under the PLI scheme for food processing industry, a total of 182 applications have been approved under different categories,'' the Food Ministry said in a statement on Thursday.
This includes 30 applications (8 large entities and 22 SMEs) under the PLI scheme for millets-based products, it said.
''As per the data being reported by the PLI scheme beneficiaries, investment of about Rs 4900 crores has been made under the scheme,'' the ministry said.
Incentives amounting to Rs 800 crore are likely to be disbursed in the current financial year. Sales-based incentive of Rs 107.3 crore has been disbursed so far, it added.
According to the Food Ministry, stakeholder consultations are also underway for introducing a ''PLI Scheme for Nutraceutical sector'' to enable this segment to reach its potential and find its rightful place.
The ministry said that the implementation of the PLI scheme is likely to facilitate expansion of food processing capacity by nearly Rs 30,000 crore and create additional direct and indirect employment opportunities for about 2.5 lakh persons by 2026-27.
The investments by the PLI beneficiaries is likely to result in increase in sales and export of food products, the ministry said.
A positive stimulus to domestic industry is expected as the scheme stipulates that in order to get incentive, the entire chain of manufacturing processes, including primary processing of the food products shall take place in India. The scheme will also facilitate promotion of Indian brands abroad, it added.
(With inputs from PTI).
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
