PLI scheme attracts Rs 7,427 cr investment in food processing industry: govt data

New Delhi, July 26 (KNN) Under the production-linked incentive (PLI) scheme, the food processing industry has invested Rs 7,427.22 crore as of March 31, 2023, said Union Minister of State for Food Processing Industries of India, Prahlad Singh Patel in a written reply in the Lok Sabha.

“Under the scheme, 158 applications have been approved for availing incentives. So far, incentive of Rs 517.604 crore has been disbursed for the financial year 2021-22," the minister said.

The PLI scheme for the food processing industry (PLISFPI), with an outlay of Rs 10,900 crore, was approved on March 2021. It is to be implemented for a period of seven years till 2026-27.

The scheme consists of three components: incentivizing manufacturing in four major food product segments (ready to cook/ ready to eat foods, processed fruits & vegetables, marine products, and mozzarella cheese); promoting innovative/organic products of SMEs; and supporting branding and marketing for Indian brands in overseas markets.

Additionally, the PLI scheme for millet-based products (PLISMBP) was launched in FY 2022-23 with an outlay of Rs 800 crore, utilizing the savings under PLISFPI.

The Indian food processing market is expected to grow to USD 470 billion by 2025 from USD 263 billion in 2019-20.  (KNN Bureau)