This segment gets 62% of Rs584.3 cr disbursed by govt under PLI scheme for food processing industry
PLI beneficiaries have invested Rs7,126 crore under the PLISFPI, with the total sales in the region of Rs50k cr till last quarter. They are mandated to furnish incentive claims for a specific financial year by Dec 31 of the following financial year
3 Components- Incentivizing manufacturing in four food product segments
1.Ready-to-cook & ready-to-eat
2.Processed fruits & vegetables
3.Marine products and
4.Mozzarella cheese
Ready-to-cook and ready-to-eat segments of the food processing industry have emerged as champions, getting Rs362.35 crore or 62 per cent of Rs584.3 crore which the government disbursed under the Production-Linked Incentive Scheme for Food Processing Industry (PLISFPI).
The processed fruits & vegetables segment has received Rs137.71 crore as PLIs under the PLISFPI, official sources told Bizz Buzz. Marine products got Rs72.31 crore, mozzarella cheese Rs8.91 crore, and organic products Rs3.02 crore. The PLISFPI aims to generate employment for approximately 2.5 lakh persons. Till the end of September, PLI beneficiaries indicated the creation of employment for 237,335 persons, the sources said.
PLI beneficiaries have invested Rs7,126 crore under the PLISFPI, with the total sales in the region of Rs50,000 crore till last quarter, the sources said. They are mandated to furnish incentive claims for a specific financial year by December 31 of the following financial year. The figures of incentives mentioned above are for 2021-22. The government approved the PLISFPI in March 2021, with an outlay of Rs10,900 crore from implementation from 2021-22 to 2026-27.
The scheme consists of three components: incentivizing manufacturing in four food product segments (Ready-to-cook & ready-to-eat, processed fruits & vegetables, marine products, and mozzarella cheese); promoting innovative and organic products of small and medium enterprises, and incentivizing branding and marketing abroad to promote Indian brands in the global market.
Later, the PLI scheme for promoting millet-based products was launched in 2022-23 with an outlay of Rs800 crore, utilizing the scheme’s savings. The government has taken proactive steps in the formulation of PLISFPI to align it with global best practices and market demands, the sources said, adding that the process involved active engagement with various stakeholders, including industry experts, large-scale manufacturers and SMEs. An extensive consultative approach was adopted to gather inputs while formulating the PLISFPI guidelines, they added.
Source : Biz Buzz Dec 26th 2023
