32 projects get sanctioned under PM Kisan Sampada Yojana; Investment of Rs 406 cr to employ 15,000
Total Views |
New Delhi, February 27: The meetings of the Inter-Ministerial Approval Committee chaired by Minister of Food Processing Industries Harsimrat Kaur Badal on Thursday sanctioned a total of 32 projects under Pradhan Mantri Kisan Sampada Yojana (PMKSY). "The projects are spread across almost 17 States, leveraging an investment worth 406 crore rupees", the statement in relation read.
Food processing has an important role to play in linking Indian farmers to consumers in the domestic and international markets. The projects envisage creation of direct and indirect employment for approximately 15000 persons along with employment opportunities in rural areas to be the focus area. Also the introduction of modern processing techniques for food results in improved shelf-life of the agricultural produce and ensure steady revenue to farmers.
"The Food processing industry can work as link between farmers, government and unemployed youth for better contribution towards economy", it added noting that the Centre is making all efforts to encourage investments in the business. "It has approved proposals for joint ventures, foreign collaborations, industrial licenses, and 100 per cent export oriented units", it read.
Hon. Union Minister, FPI, Smt. @HarsimratBadal_ chaired the second Inter Ministerial Approval Committee (#IMAC) meet in a week, clearing 32 projects leveraging investment worth Rs 406 crores under the Unit Scheme. It shall generate employment for 15 thousand people. pic.twitter.com/tf4cRFV5tc
— FOOD PROCESSING MIN (@MOFPI_GOI) February 27, 2020
The main objective of this scheme is creation of processing, preservation capacities and expansion of existing food processing units with a view to increasing the level of processing, leading to reduction of wastage. The food sector has emerged as a high-growth and high-profit sector due to its immense potential for value addition, particularly within the food processing industry.
It has had Compound Annual Growth Rate (CAGR) of approximately 8 percent over the last five years. Meanwhile, the processed food market is expected to grow to $ 543 bn by 2020 from $ 322 bn in 2016, at a CAGR of 14.6%. The PMKSY has seven component schemes viz; Mega Food Parks, Integrated Cold Chain and Value Addition Infrastructure, Infrastructure for Agro-Processing Clusters, Creation of Backward and Forward Linkages, Creation/Expansion of Food Processing and Preservation Capacities, Food Safety and Quality Assurance Infrastructure, and Human Resources and Institutions.