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PM Kisan SAMPADA Yojana to generate 5,30,500 direct/indirect employment in country by 2019-20
The MoS for Food Processing industries said that 100% FDI is permitted under the automatic route in food processing sector, and the same percentage is also allowed through government approval route for retail trading, in respect of food products manufactured and/or produced in India.
Pradhan Mantri Kisan SAMPADA Yojana (PMKSY) is expected to leverage investment of Rs 31,400 crore, handle of 334 lakh MT agro-produce valuing Rs 1,04,125 crore, benefit 20 lakh farmers and generate 5,30,500 direct/ indirect employment in the country by the year 2019-20, said Minister of State for Food Processing Industries RameswarTeli, according to a government statement.
In a written reply to a question in the Lok Sabha today, the minister said that under PMKSY the schemes implemented include Mega Food Parks; Integrated Cold Chain and Value Addition Infrastructure; Creation / Expansion of Food Processing & Preservation Capacities; Infrastructure for Agro-processing Clusters; Creation of Backward and Forward Linkages; Food Safety and Quality Assurance Infrastructure; and Human Resources and Institutions.
According to the MoS for Food Processing industries, 100% FDI is permitted under the automatic route in food processing sector, and the same percentage is also allowed through government approval route for retail trading, in respect of food products manufactured and/or produced in India.
The sector has witnessed FDI equity inflow of $3.28 billion during April 2014 to March 2019, said the . Seven FDI proposals for retail trading in food products have been approved amounting to about US$ 705 million during 2017-18, the statement said.
The minister also informed the house about steps/measures taken to boost growth of food processing sector in the country.
1. Creation of a special fund of Rs 2000 crores in National Bank for Agriculture and Rural Development (NABARD) to provide affordable credit to food processing industries, classification of food & agro-based processing units and cold chain as agricultural activity for Priority Sector Lending (PSL)
2. Lower Goods & Services Tax (GST) rates for majority of food products, 100% exemption of income tax on profit for new food processing units, 100 percent income tax exemption from profit derived by FPOs having annual turnover of Rs 100 crore for activities such as post-harvest value addition to agriculture, concessional import duty for plant and machinery under project imports benefit scheme, import duty exemption on import of raw material under advance authorization scheme etc.
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