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Food processing industries ministry implements research & devpt scheme
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Monday, 20 March, 2017, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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The ministry of food processing industries (MoFPI) is implementing a scheme for research and development (R&D) in the food processing sector. As per the guidelines of the scheme, government organisations, institutions and universities are eligible for 100 per cent grant-in-aid for the cost of equipment, consumables and expenditure related to junior research fellows, senior research fellows and research associates, and private organisations, institutions and universities are eligible for 50 per cent grant-in-aid for the equipment cost in general areas and 70 per cent grant-in-aid in difficult areas for conducting such research activities. The number of R&D projects assisted and the total grant-in-aid released during the last three years as well as the current year are as follows:
(Rs in lakh)
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Serial
Number
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Year
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Number
of new projects approved during the year
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Total
grant-in-aid released under R&D scheme (*)
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1
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2013-14
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38
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1,097.73
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2
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2014-15
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21
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638.66
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3
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2015-16
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23
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613.37
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4
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2016-17
(upto 28.02.17)
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Nil
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312.80
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Total
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82
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2,662.56
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(*) The amount indicated above also includes the second and third installments for ongoing projects.
Under Section 35 of the Income Tax Act, 1961, there is a provision for weighted deduction of 150 per cent on capital and revenue expenditure incurred on in-house research and development by a company from financial year 2017-18 to financial year 2019-20. The deduction shall be restricted to 100 per cent from financial year 2020-21 onwards.
This information was given by Sadhvi Niranjan Jyoti, minister of state for food processing industries, in a written reply in Rajya Sabha.
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