Pradhan Mantri Kisan SAMPADA Yojana (PMKSY) envisages the creation of direct and indirect employment for over 5 lakh persons by 2020, said Union Minister of State for Food Processing Industries, Rameswar Teli on Friday.
A press release by Ministry of Food Processing Industries said, "Rameswar Teli, while giving a written reply to a question on employment opportunities in the food processing sector and increase in its share in GDP, in Rajya Sabha today, stated that PMKSY envisages creation of direct and indirect employment for 5,30,500 persons by 2020."
"Government has taken a number of measures and policy initiatives to promote the overall growth of the food processing sector and generate employment opportunities. 100 per cent Foreign Direct Investment (FDI) through automatic route in manufacturing of food products and 100 per cent FDI under Government approval route for retail trading, including through e-commerce, in respect of food products produced and/or manufactured in India, has been permitted," the press note said.
The note further added, "The Minister also stated that a special fund of Rs 2,000 crore has been created with the National Bank for Agriculture and Rural Development (NABARD) to provide affordable credit to food processing projects/units. Food and agro-based processing units and cold chain infrastructure have been classified as agriculture activity for Priority Sector Lending (PSL)."
"Fiscal measures like 100 per cent exemption of Income Tax on profit for new food processing units, 100 per cent income tax exemption from profit derived by FPOs having an annual turnover of Rs 100 crore have been allowed for activities such as post-harvest value addition to agriculture. Lower Goods and Service Tax (GST) rates for the majority of food products have been fixed," it added.
Teli further said that the MoFPI is implementing PMKSY and the period of implementation is 2016-20 with a total outlay of Rs 6,000 crore.
The release said, "The PMKSY has seven component schemes viz; Mega Food Parks, Integrated Cold Chain and Value Addition Infrastructure, Infrastructure for Agro-Processing Clusters, Creation of Backward and Forward Linkages, Creation/Expansion of Food Processing and Preservation Capacities, Food Safety and Quality Assurance Infrastructure, and Human Resources and Institutions."
"Under PMKSY, capital subsidy in the form of grants-in-aid ranging from 35 per cent to 75 per cent of the eligible project cost subject to maximum specified limit is provided to investors under the various schemes for undertaking infrastructure, logistic projects and setting up of food processing units in the country," the release further said.
"The MoFPI has recently launched a new Central Sector Scheme 'Operation Greens' for integrated development of Tomato, Onion and Potato (TOP) crops value chain, with an outlay of Rs 500 crore to, inter alia, promote Farmers Producers Organizations (FPO), agri-logistics, processing facilities and professional management of FPOs," it said.
Disclaimer: No Business Standard Journalist was involved in creation of this content
