Cabinet approves Rs 10,900 crore PLI scheme for food processing industry – News 24-7 Live News 24-7 Live
Cabinet approves Rs 10,900 crore PLI scheme for food processing industry

Cabinet approves Rs 10,900 crore PLI scheme for food processing industry

The PLI scheme will incentivize manufacturing of four major food product segments — ready to cook/eat foods, processed fruits and vegetables, marine products and mozzarella cheese.

The Union Cabinet on Wednesday approved production linked incentive scheme for food processing industry with an outlay of Rs 10,900 crore to strengthen domestic companies.

The scheme aims to strengthen select Indian brand of food products for global visibility and wider acceptance in international markets, ensure remunerative prices of farm produce and higher income to farmers, and increase employment opportunities. Its duration will be for six years from 2021-22 to 2026-27.

The scheme will help in increasing income in the country, Union Minister Piyush Goyal said while briefing the media and called it a ‘fitting tribute’ to farmers of the country because of whom India’s agricultural production is set to rise by 3-3.5 per cent in 2020-21 despite the COVID-19 pandemic.

News Source:- Business Today

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