Food Processing Scheme: 271 crores cleared by IMAC

The Inter-Ministerial Approval Committee chaired by Minister of Food Processing Shri Harsimrat Kaur has sanctioned Rs 271 crores for the CEFPPC scheme (Creation/Expansion of Food Processing and Preservation Capacities) scheme.

Highlights

The focus was given to projects that emphasized on linking agriculture and marketing food processing technologies. During allocation, startups were given priorities according to the sources of Ministry of Food Processing. Also, the projects were examined based on project cost, means of finance to avoid bankruptcy in the future.

Significance

The aim of the scheme is to create direct employment that will help in achieving India’s goal of doubling farmers income by 2022. It expected that the project would create 9000 employment.

It will also aid in implementing PM Krishi Sampada Yojana (PMKSY). The PMKSY aims at developing agro-processing Clusters and agro-marine processing units. Under the scheme, subsidies are provided in terms of grants-in-aid that ranges between 35% and 75% according to the project.

PMKSY is being implemented by the Ministry of Food Processing. It will work on implementing mega food parks, value-addition infrastructure, creation of backward and forward linkages, food safety and quality infrastructure.

Month: Current Affairs - November, 2019