The meals processing sector in India obtained international direct funding (FDI) value $368.37 million this fiscal (until September), the Parliament was knowledgeable. Nation-wise, Eire invested $83.84 million, Singapore $48.45 million, Mauritius $41.65 million and the USA, $38.60 million, knowledgeable Minister of State for Meals Processing Industries, Ravneet Singh Bittu, in a written reply to the Lok Sabha.
Different key nations are Australia at $20.18 million and Mexico $9.59 million within the April-September interval within the present monetary yr. The whole FDI within the meals processing sector was $608.31 million in FY24, knowledgeable the minister.
The sector is being promoted by Pradhan Mantri Kisan Sampada Yojana, Manufacturing Linked Incentive Scheme for Meals Processing Business (PLISFPI and Pradhan Mantri Formalization of Micro meals processing Enterprises (PMFME) scheme. Underneath PLISFPI, 213 initiatives have been accomplished until date, leading to employment era to the tune of 289,832 individuals.
PLISFPI is meant to help creation of worldwide meals manufacturing champions and help Indian manufacturers of meals merchandise in worldwide market. The scheme is being carried out over a six-year interval from 2021-22 to 2026-27 with an outlay of Rs 10,900 crore.
The Ministry additionally launched PMFME scheme for offering monetary, technical and enterprise help for upgradation of present micro meals processing enterprises in addition to establishing of recent items. The scheme is operational from 2020-21 to 2025-26 with complete outlay of Rs 10,000 crore.
In the meantime, India’s natural meals merchandise export reached $447.73 million within the first eight months of this fiscal (FY25), and are set to surpass final yr’s export figures.
Within the present monetary yr, the whole quantity of natural meals product exports reached 263,050 metric tonnes (MT) until November 25 and the export of natural meals merchandise stood at $494.80 million final fiscal (FY24).
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