Food Processing Industry Invests Rs 4,900 cr Under PLI Scheme
- ByStartupStory | December 30, 2022
The government said the food processing industry has made an investment of Rs 4,900 crore under the production-linked incentive (PLI) scheme so far. In March 2021, The PLI scheme for the food processing industry, with an outlay of Rs 10,900 crore was approved. It is to be implemented for a period of seven years from 2026-27.
According to the food ministry, stakeholder consultations are also underway for introducing a “PLI Scheme for the Nutraceutical sector” to enable this segment to reach its potential and find its rightful place.Implementing the PLI scheme will likely facilitate the expansion of food processing capacity by nearly Rs 30,000 crore and create additional direct and indirect employment opportunities for about 2.5 lakh persons by 2026-27.
The investments by the PLI beneficiaries are likely to result in an increase in the sales and export of food products. A positive stimulus to the domestic industry is expected as the scheme stipulates that in order to get the incentive, the entire chain of manufacturing processes, including the primary processing of the food products, shall take place in India. The scheme will also facilitate the promotion of Indian brands abroad, it added.
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