New Delhi witnessed a monumental gathering of global stakeholders at the World Food India-2023 event, organized by the Ministry of Food Processing Industries (MoFPI) from November 3rd to 5th, 2023, at Bharat Mandapam, Pragati Maidan. This significant initiative aimed at propelling investment in the food processing sector saw a staggering sum of Rs. 33,129 Crore in investment interests announced and Memorandums of Understanding (MoUs) inked.
With a vision to catalyze growth in the food processing industry, the Ministry champions investment through flagship schemes such as the Pradhan Mantri Kisan SAMPADA Yojana (PMKSY), Production Linked Incentive Scheme for Food Processing Industry (PLISFPI), and PM Formalization of Micro Food Processing Enterprises (PMFME). These initiatives have leveraged an estimated investment of over Rs. 25,869 Crore, fueling innovation and expansion across the sector.
Under the ambit of PMKSY, the Ministry extends credit-linked financial assistance in the form of grants-in-aid, empowering entrepreneurs and fostering a conducive ecosystem for growth. Additionally, the PMFME scheme provides vital financial, technical, and business support to propel the establishment and upgradation of individual micro food processing enterprises, thereby nurturing a culture of entrepreneurship.
The Central Sector Scheme, “Production Linked Incentive Scheme for Food Processing Industry (PLISFPI),” stands as a cornerstone in bolstering India’s food processing prowess on the global stage. With an outlay of ₹10,900 crores spanning from 2021-22 to 2026-27, PLISFPI aims to cultivate global food manufacturing champions and elevate Indian brands in international markets. Notably, the scheme has already disbursed incentives amounting to ₹584.3 Crore to 41 eligible cases for the FY 2021-22, catalyzing investments worth ₹7,696.58 crore.
Union Minister of State for Food Processing Industries, Km. Shobha Karandlaje, underscored the transformative impact of these initiatives, highlighting their pivotal role in fostering innovation, job creation, and economic prosperity. As India strides towards becoming a global food processing hub, the resounding success of World Food India 2023 underscores the nation’s unwavering commitment to fostering a vibrant and sustainable food processing ecosystem.
Read Now:NASA’s Juno Captures Stunning Close-Up of Jupiter’s Moon Io
