Production Linked Incentive Scheme for the food processing industry
To support Indian brands in food processing abroad, the Union Cabinet yesterday approved the Production Linked Incentive (PLI) Scheme with a budget of ₹10,900 crores.
The main objective of the PLI scheme is to support food manufacturing entities for increasing their processing capacity and branding globally. However, they have to make a stipulated investment and assure minimum sales. But this rule is not applicable for those entities that make innovative and organic products.
Entities can have global visibility and reach more people across the globe with this scheme. Besides, the scheme aims to boost the remunerative prices of farm produce and the income of farmers. It also intends to generate more employment opportunities.
The scheme has two elements – while the first element encourages business entities in food processing with grants, the second element provides support for creating branding and marketing.
Here are the important features of the PLI scheme for the food processing industry:
- The PLI scheme will be implemented for six years, starting from 2021-22 to 2026-27.
- A Project Management Agency (PMA) will implement it. Within six years, the scheme is likely to create employment for around 2.5 lakh individuals.
- It aims to incentivize the manufacturing of four major food product segments. These include Ready to Cook or Eat foods, Processed Fruits and Vegetables, Marine Products, and Mozzarella Cheese.
- Innovative and organic products of small and medium enterprises like eggs and egg products and poultry meat also fall in the above category.
- Entities can submit applications for grants and get them for marketing, in-store branding, and shelf space renting. They have to invest a stipulated amount, which is a mandated investment. They have quote their investment for two years towards plant and machinery in the application.
- If they already invested in 2020-21, it will also be counted.
Image by Ancelin Bonnet from Pixabay (Free for commercial use)
You may also like
Image Reference: https://pixabay.com/photos/fruit-mango-parts-png-yellow-1218129/
Recent Posts
- How this man’s vision is changing lives in AriyalurBalaji, a software engineer from Palayapadi, Ariyalur, had long drawn inspiration from former President Dr APJ Abdul Kalam.
- India’s most expensive and historic school in the hillsIf you ever dreamed of studying in a school like those shown in Bollywood films, you might imagine grandeur, sprawling campuses, and elite facilities. While most of those were fiction,…
- ISRO successfully conducts short-duration semicryogenic hot testThe test lasted for 3.5 seconds and was primarily aimed at validating the start-up sequence of the engine.
- How this man’s vision is changing lives in Ariyalur
What’s new at WeRIndia.com
News from 700+ sources
-
Central Sanskrit University celebrates Annual Day
-
India ready to collaborate openly to build inclusive global energy future: Puri
-
Vice Chancellor Open Badminton Tourney concludes
-
UN chief stands ready to support any initiatives, acceptable to India, Pak for de-escalation, resumption of dialogue
-
Pahalgam terror act is attack on principles of humanity: Salim Sherwani
-
Microsoft CEO says up to 30% of the companys code was written by AI
-
WeRIndia – A News Aggregator
Visit werindia.com for all types of National | Business | World | Politics | Entertainment | Health related news and much more..
Leave a Reply