Food Processing Industry Thrives with ₹7,000 Crore Investment Under PLI Scheme
The Ministry of Food Processing reveals substantial growth in the sector, with beneficiaries of the Production Linked Incentive (PLI) Scheme investing a staggering ₹7,126 crore. Notably, cumulative sales reached ₹49,825 crore during the April-September period.
The PLI Scheme, spearheaded by the Ministry, aims to address critical aspects of the food processing industry. With a focus on generating employment for approximately 250,000 individuals, the scheme incentivizes manufacturing in four key categories: ready-to-cook and ready-to-eat products, processed fruits and vegetables, marine products, and mozzarella cheese.
In a bid to foster innovation and promote organic products, the PLI Scheme extends its support to small and medium-sized enterprises. These entities play a pivotal role in the industry’s growth and sustainability.
One of the distinctive features of the scheme lies in its support for branding and marketing endeavors on the global stage. By encouraging Indian brands to reach international markets, the PLI Scheme contributes to expanding the footprint of the country’s food processing industry.
In a strategic move, a separate PLI Scheme dedicated to promoting Millet-based Products was launched in the 2022-23 financial year. With an impressive outlay of ₹800 crore, this initiative underscores the government’s commitment to diversifying and strengthening the industry.
For the 2021-22 financial year, the Ministry disbursed ₹584.30 crore in incentives to beneficiaries. As the industry continues to thrive, stakeholders are reminded to submit claims for the current financial year by December 31.
Q: How much has been invested under the PLI Scheme in the food processing industry?
A: Beneficiaries invested ₹7,126 crore, contributing to the sector’s significant growth.
Q: What are the focus areas of the PLI Scheme in the food processing industry?
A: The scheme concentrates on ready-to-cook products, processed fruits, marine products, and mozzarella cheese, aiming to create jobs for around 250,000 people.
Q: How does the PLI Scheme support small and medium-sized enterprises (SMEs)?
A: SMEs receive backing for innovation, organic product promotion, and assistance in branding and marketing both domestically and internationally.
The Indian government has announced plans for public sector companies like Coal India, NMDC, and…
In April, India's merchandise exports saw a modest 1% increase, reaching $34.99 billion, driven by…
The Open Network for Digital Commerce (ONDC), a digital infrastructure initiative launched in 2021, has…
In response to rising credit demand and falling liquidity, State Bank of India (SBI) has…
The Indian Army is poised to elevate its air defense capabilities with the impending delivery…
India has signed a 10-year agreement to develop and operate Iran’s strategic Chabahar Port to…