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Govt nod to setting up institution dedicated to food processing sector
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Saturday, 01 September, 2018, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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The Government of India has approved the making of a financial institution for the food processing sector. In a meeting held here recently of the Department of Expenditure, Government of India, the proposal got the nod for establishing such an institution specific to the food processing sector which shall be a public private partnership.
The government shall hold a 20 per cent stake in it, while that of the private equity will be 80 per cent. The institution shall have a budget of Rs 2,000 crore for two years.
According to highly-placed sources, the Expenditure Finance Committee met recently to discuss the expenditure-related proposals for the various schemes, including the proposal to establish a sector-specific financial institution for food processing industries and Operation Green.
Both the schemes were announced by the finance minister during his Budget speech earlier this year. For Operation Green, Rs 500 crore was earmarked by the expenditure committee, in which three crops - viz tomato, potato and onion - were included to ensuring their year-round supply across the country.
According to sources, the Ministry of Food Processing Industries (MoFPI) is waiting for the detailed report on the meeting, after which the ministry shall commence work related to the rules and regulations for the schemes.
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