Pradhan Mantri Kisan Sampada Yojana: 32 projects sanctioned

On February 27, 2020, the Inter-Ministerial Approval Committee chaired by the Minister of Food Processing sanctioned 32 projects under Pradhan Mantri Kisan Sampada Yojana (PMKSY).

Highlights

The projects sanctioned have the capacity to create 15,000 employment opportunities. The projects aim at increasing the shelf life of agricultural produce and provide steady revenue for the farmers.

Significance

The market of processed food is growing at a rate of 8% every year. Therefore, by the end of 2020 it is expected to reach 543 billion USD from 322 billion USD in 2016.

Pradhan Mantri Kisan Sampada Yojana

The Scheme was launched in 2016 for a period of 4 years, that is, till 2020. The GoI had allocated Rs 6,000 crores for the scheme. The scheme was launched to develop seven major components namely Integrated Cold Chain, Mega Food Parks, Infrastructure for Agro-Processing  clusters, food safety, expansion of food processing, human resources and institutions, quality assurance infrastructure.

The scheme mainly aims at creating food processing units and developing the existing ones.

Month: Current Affairs - February, 2020