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Production Linked Incentive Scheme for Food Processing Industry
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Thursday, 14 December, 2023, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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The Production Linked Incentive Scheme for Food Processing Industry (PLISFPI) was approved by the Cabinet on March 31, 2021, with an outlay of Rs 10,900 crore, to be implemented from FY 2021-22 to FY 2026-27. The scheme consists of three components: incentivising manufacturing in four food product segments (Ready to Cook/ Ready to Eat foods; Processed Fruits & Vegetables; Marine Products; and Mozzarella Cheese), promoting Innovative/Organic products of SMEs, and incentivising branding and marketing abroad for promoting Indian brands in the global market.
Additionally, the PLI Scheme for promoting Millet-based Products was launched in the FY 2022-23 with an outlay of Rs 800 crore, utilising the scheme’s savings.
The PLI beneficiaries have reported investment of Rs 7,126 crore under the scheme, with sales of Rs 49,825 crore upto April-September 2023. According to scheme guidelines, the PLI beneficiaries are required to furnish incentive claims for a specific financial year by December 31, of the following financial year.
During the formulation of PLISFPI, proactive steps were taken to align it with global best practices and market demands. The process involved active engagement with various stakeholders, including industry experts, large-scale manufacturers and SMEs. An extensive consultative approach was adopted to gather inputs while formulating the scheme guidelines. This collaborative effort is continuing in form of regular engagements with the stakeholders for ensuring continued relevance and effectiveness of the scheme guidelines.
The scheme aims to generate employment for approximately 2.5 lakh persons. As of September 30, 2023, Quarterly Review Reports from PLI beneficiaries indicate the creation of employment for 2,37,335 persons.
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