PLI scheme for food processing industry well received by companies: Govt

The government on Wednesday said the production-linked incentive scheme for the food processing industry has been well received by companies like Nestle, ITC, Britannia, KeventerAgro and Amul.

The PLI scheme for the food processing industry, to be implemented during 2021-22 to 2026-27 with an outlay of Rs 10,900 crore, was approved by the Cabinet on March 31.

"The scheme has been well received by the Industry, including Nestle, ITC, Britannia, KeventerAgro, and Amul," the government said.

The scheme is essentially meant for Indian companies and subsidiaries of MNCs operating in India with minimum sales of food products manufactured in India, it added.

The scheme will encourage investment in four food segments: Ready to Cook/ Ready to Eat (RTC/RTE), including millet-based foods, processed fruits and vegetables, marine products, mozzarella cheese, it added.

According to the government, the objective of the scheme is to support the creation of global food manufacturing champions; support Indian brands of value-added food products in the international markets; increase employment opportunities for off-farm jobs and ensure remunerative prices of farm produce and higher income to farmers.

The government aims expansion of food processing capacity, exports and employment generation for 2.5 lakh persons.

Source:https://www.business-standard.com