New Delhi: The Union Cabinet on Wednesday approved a production-linked incentive (PLI) scheme for the food processing sector, envisaging an outlay of Rs 10,900 crore.
The Union Cabinet approved the scheme aimed at expansion of processing capacity to generate processed food output of Rs 33,494 crore and creating employment for nearly 2.5 lakh persons by the year 2026-27.
The scheme will support creation of global food manufacturing champions commensurate with India’s natural resource endowment and support Indian brands of food products in the international markets with an outlay of Rs. 10900 crore, a Cabinet statement said.
The objectives of the scheme are to support food manufacturing entities with stipulated minimum Sales and willing to make minimum stipulated investment for expansion of processing capacity and Branding abroad to incentivise emergence of strong Indian brands and ensuring remunerative prices of farm produce and higher income to farmers.