Cabinet Approves Investment of Rs 10,900 Crore in Food Processing Industry Under PLI Scheme

The Cabinet has approved an investment of Rs 10,900 crore in the food processing industry under the Production Linked Incentive (PLI) scheme.

 

Speaking to reporters in New Delhi, Information and Broadcasting Minister Prakash Javadekar informed about this important Cabinet decision. Commerce and Industry Minister Piyush Goyal said the decision will help in increasing farmers' income and opening better avenues for them. Hailing the new farm laws, Mr. Goyal said, the new provisions are optional and will help farmers increase their income. 

Mr. Goyal



asserted, PLI of Rs 10,900 crores to the food processing industry will help create more employment, build a sustainable value chain and help create a robust brand value of Indian products. He said a wide range of consultations with various stakeholders was carried out by the ministry of food processing for over eight-nine months before finalizing the PLI scheme.

News reports, a key program in this regard is the Production-Linked Incentive (PLI) scheme, which has gained favor since last year as a way for the government to identify key players in respective industries to lead sectoral growth.