In a move to push the food processing sector, the Union government has cleared the production-linked incentive (PLI) scheme for the food processing sector, entailing an outlay of Rs 10,900 crore.
The Union government has recently announced 13 PLI schemes following an economic lull due to the Covid-19 pandemic outbreak. The scheme looks to encourage large companies to ramp up their manufacturing base and boost exports. The total incentives under the PLI schemes, covering sectors such as telecom, electronics, auto parts, pharma, food processing, medical devices, white goods and textiles, are pegged at ₹1.97 lakh crore over a five-year period.
The government has also set up an Empowered Group of secretaries to fast track and handhold such investments, and a single window to help investors will be launched on April 15.
Earlier the Union Cabinet, chaired by Prime Minister Narendra Modi cleared the proposal that looks to help create 2.5 lakh jobs, boost exports and ensure availability of a wider range of value-added products for consumers.
“The PLI for the food processing sector with Rs 10,900 crore incentive has been approved. The decision is a fitting tribute to our farmers,” Food Minister Piyush Goyal said while briefing the media about the cabinet decisions.
Information and Broadcasting Minister Prakash Javadekar while speaking during the event said that the Budget announced a PLI scheme for 12-13 sectors.
“Today, PLI for the food processing industries has been approved,” Javadekar said.
According to Javadekar, the move will boost the production of value-added food products, attract foreign investment, create job opportunities besides benefiting farmers with remunerative prices for the produce.