The government said the food processing industry has made an investment of Rs 4,900 crore under the production-linked incentive (PLI) scheme so far.
The PLI scheme for the food processing industry, with an outlay of Rs 10,900 crore, was approved on March 2021. It is to be implemented for a period of seven years till 2026-27.
An official statement said.
Under the PLI scheme for food processing industry, a total of 182 applications have been approved under different categories.
🌾 PLI scheme for millets-based products
This includes 30 applications under the PLI scheme for millets-based products,
- 8 large entities and
- 22 SMEs
💰 Investment
As per the data being reported by the PLI scheme beneficiaries, an investment of about Rs 4900 crores has been made under the scheme
Incentives amounting to Rs 800 crore are likely to be disbursed in the current financial year. The sales-based incentive of Rs 107.3 crore has been disbursed so far, it added.
🎯 Aim of the Scheme
According to the food ministry, stakeholder consultations are also underway for introducing a “PLI Scheme for the Nutraceutical sector” to enable this segment to reach its potential and find its rightful place.
- The implementation of the PLI scheme is likely to facilitate the expansion of food processing capacity by nearly Rs 30,000 crore and create additional direct and indirect employment opportunities for about 2.5 lakh persons by 2026-27.
The investments by the PLI beneficiaries are likely to result in an increase in the sales and export of food products.
A positive stimulus to the domestic industry is expected as the scheme stipulates that in order to get the incentive, the entire chain of manufacturing processes, including the primary processing of the food products, shall take place in India.
The scheme will also facilitate the promotion of Indian brands abroad,
🌱 Progress Till Now
Sharing details about approved projects and progress made in other schemes, the ministry said
- A total of 112 food processing projects were completed and operationalized in 2022,
- It Leveraged the private investment of Rs 706.04 crore and
- It Generates direct and indirect employment for 25,293 persons.
- Around 190 food processing projects have been approved during the year.
The ministry said ‘One District One Product (ODOP)’ (under the Prime Minister- Formalisation of Micro Food Processing Enterprises (PM-FME) scheme) has been approved for 713 districts of 35 states and union territories with 137 unique products.
A total of 46 new projects have been approved under the Operation Greens Scheme in 2022.
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