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Govt will soon create new financial institution to fund food processing projects: Harsimrat Kaur Badal


 

Food Processing is all set to become the most robust sector in India to contribute majorly to India’s growth and the sector is all set to double farmers’ income by 2022, said Union Minister for Food Processing Industries Harsimrat Kaur Badal.

She made the above remarks while addressing the media on the achievements of the Ministry during the last 4 years.

Minister said that the government will create a new financial institution that will exclusively fund food processing projects and create capacity building in the field of risk assessment and lending to food processing sector.

Talking more about the financial institution that will be dedicated to fund the companies in food processing sector, Badal added that the name of the company would be Agro Processing Financial Institution and by July they would issue the request for proposal (RFP). 

She also said that more than 4 lakh jobs would be create by March 2019 as 15 new mega food parks shall be operationalized by 2019.

Highlighting the government new scheme ‘Pradhan Mantri Kisan SAMPADA Yojana, Badal informed that the total 122 projects have been approved under three schemes i.e. Agro Processing Clusters, Backward-Forward Linkage and Unit scheme leveraging an investment of Rs 2,300 crore and which will generate 3.4 lakh direct and indirect employment.

Further she pointed that the government is creating a Cold Chain Grid to link every nook and corner of India by its 42 Mega Food Parks, 234 Cold Chain Projects and around 700 projects under PM Kisan Sampada Yojana.

With the schemes of the Ministry, more than 33 lakh farmers shall be directly benefited every year and their numbers shall keep increasing, she added.

Shedding light on her ministry Journey in the last 4 years, Badal said more than 3.85 lakh jobs have been created in the food processing sector. 

“There is an investment commitment of nearly Rs 1,00,000 crore in the last one year alone, out of which investments worth Rs 73,000 crore have started grounding” she said. 

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