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MoFPI implementing Production Linked Incentive Scheme for FPIs
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Thursday, 22 December, 2022, 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 Central Sector Scheme - “Production Linked Incentive Scheme for Food Processing Industry (PLISFPI)” with an outlay of Rs 10,900 crore over a six-year period from 2021-22 to 2026-27. The scheme, inter alia, helps create of global food manufacturing champions commensurate with India’s natural resource endowment and supports Indian brands of food products in the international markets.
The export of agri-food products (ITC Chapters 2-23 excluding 5,6,14) has increased from US$ 29.67 billion in 2015-16 to US$ 46.11 billion in 2021-22 showing a Compound Annual Growth Rate (CAGR) of 7.62% and the export of value added processed-food products (ITC Chapter 16-23) increased from US$ 4.855 billion in 2015-16 to US$ 10.420 billion in 2021-22 showing a CAGR of 13.57%.
In order to ensure overall development of Food Processing sectors across the country, MoFPI has been implementing Central Sector Umbrella Scheme – Pradhan Mantri Kisan SAMPADA Yojana (PMKSY), centrally sponsored PM Formalisation of Micro Food Processing Enterprises Scheme (PMFME) and Central Sector Production Linked Incentive Scheme (PLISFPI). Under component schemes of PMKSY, MoFPI provides mostly credit linked financial assistance (capital subsidy) in the form of grants-in-aid for setting up of food processing industries/ units/ projects. The ministry provides financial, technical and business support for setting up/upgradation of micro food processing enterprises through PMFME scheme, whereas, PLISFPI is targeted to facilitate expansion of food processing capacity by creating champion brands in food processing sector.
This information was given by Minister of State for Food Processing Industries Prahlad Singh Patel in a written reply in Lok Sabha recently.
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