As per NAS 2019 estimates, the food processing sector (NIC 10 and 11) is growing at the annual average rate of 8.19% during the last five years ending 2017-18. Data on growth rate specific to retail (food & grocery) sector is not available.
For promoting growth in food processing sector, the Ministry of Food Processing Industries (MoFPI) is implementing an Umbrella Scheme-PRADHAN MANTRI KISAN SAMPADA YOJANA (PMKSY) with an outlay of ₹6,000 crore for its implementation during 2016-17 to 2019-20.
MoFPI is also implementing the scheme "Operation Greens" under the PMKSY since November 2018 for integrated development of value/supply chain exclusively of tomato, onion and potato (TOP) crops in selected States on pilot basis.
Government has taken a number of policy initiatives/measures/steps to promote food processing sector like permitting 100% FDI through automatic route in manufacturing of food products and 100% FDI under Government approval route for trading, including through ecommerce, in respect of food products produced and/or manufactured in India, creation of a special fund of ₹2000 crores in National Bank for Agriculture and Rural Development (NABARD) to provide affordable credit to food processing industries, classification of food & agro-based processing units and cold chain as agricultural activity for Priority Sector Lending (PSL), 100% exemption of income tax on profit for new food processing units, 100 percent income tax exemption from profit derived by FPOs having annual turnover up to Rs.100 crore for activities such as post-harvest value addition to agriculture,100% deduction of expenditure incurred on investment on establishment and operation of cold chain/warehousing facility for storage of agricultural produce, concessional import duty for plant and machinery under project imports benefit scheme, import duty exemption on import of raw material under advance authorization scheme.
This information was given in a written reply by the Minister of State for Ministry of Consumer Affairs, Food & Public Distribution Shri Danve Raosaheb Dadarao in Rajya Sabha.
Source ; PIB
Posts
Hello,
Welcome to "Agrovista Profits"
“Agrovista Profits” is a nonprofitable portal. A peer- Friend for the agriculture news, Agriculture news Blogs, agriculture research and development activities, Agriculture Business, and agriculture allied services. Agrovista Profits is an open-access Portal for opinion formers, decision makers, policy makers and above all the farmers.
We are committed for providing the selected info 24X7 about the agriculture and allied sector and assure you that
“ Agrovista Profits “ will always remain clear, unbiased and factual accounts of development in, or affecting, world agriculture and food security. They will interpret the influence of related aspects (which will remain embedded by the aspects like; Agriculture technology, Agriculture Business, Agriculture news climate, forestry, fisheries and, Agri - economics, Agri - ecology) on these developments. An important objective is to assist decision-makers to ensure policies and methods are evidence-based and sustainable.
No comments:
Post a Comment