Transforming India's Food Landscape: Government's Bold Initiatives in Processing Sector

The Ministry of Finance announced 1,646 sanctioned food processing projects under PM Kisan Sampada Yojana, with Rs 31,830.23 crore in investments, aiming to create processing capacity, jobs, and benefits for farmers. Updates on PMFME Yojana, food irradiation units, and PLI scheme reflect commitment to advancing the sector.

The Ministry of Finance has revealed that a significant push is underway to revolutionize India's food processing sector. As of December 18, 2024, 1,646 food processing projects, encapsulating food testing labs and R&D ventures, have been sanctioned under various sub-schemes of the Pradhan Mantri Kisan Sampada Yojana. These projects boast a total investment of Rs 31,830.23 crore and promise to attract an additional Rs 22,722.55 crore from private investors.

Since its inception in 2016-17, the Pradhan Mantri Kisan Sampada Yojana has been spearheaded by the Ministry of Food Processing Industries to enhance processing and preservation capabilities, aiming for an annual capacity of 428.04 LMT. The initiative is set to generate 13.42 lakh jobs and benefit over 51 lakh farmers.

The government is keen on fostering growth in the agricultural and food processing sectors through strategic investment in post-harvest activities. Focus areas include modern storage solutions, efficient supply chain management, and boosting exports through advanced infrastructure. The PM Formalisation of Micro Food Processing Enterprises (PMFME) Yojana targets the unorganized sector by offering financial and technical support, with significant progress seen in SHGs and individual credit linkages.

The Ministry also updated on the announced financial support for establishing 50 multi-product food irradiation units within the MSME sector, with proposals under review following the August 2024 Expression of Interest call. Moreover, the PLI scheme for the food processing industry has seen participation from 133 companies with investments totalling Rs 8,910 crore. Incentives worth Rs 1,084 crore have been disbursed across 85 eligible cases, marking a decisive step towards sectoral advancement. (ANI)

(With inputs from agencies.)