Food processing industry to play key role in economic growth: Badal
Updated: Jul 09, 2015 01:55:34pm
New Delhi, Jul 9 (KNN) Union Minister of Food Processing Industries Harsimrat Kaur Badal on Wednesday said that food processing industry is going to play a key role in India’s economic growth. She said the sector is one of the 25 sectors identified under Prime Minister’s ‘Make in India’ vision.
Adding that the Centre has taken several steps to give impetus to the industry, the minister said the government is giving a lot of importance to food processing industry. She said this while speaking to the media on the side-lines of a CII conference.
In the budget, a corpus of Rs 2000 crore was created under NABARD so that cheaper credit can be given to food processing industry. Excise Duty on plant and machinery for packaging and processing has been brought down to six percent from 10 percent. Forms have been simplified for ease of business. Food processing ministry has allotted 17 new food parks across the nation, she added.
Citing that the industry is growing at a faster rate than agriculture and manufacturing, Badal said it has grown at 8.4 percent. The FDI in this sector has grown by more than 10 times in the last decade.
She further said that the food processing industry has emerged as highest employment generator in recent times. (KNN Bureau)
Adding that the Centre has taken several steps to give impetus to the industry, the minister said the government is giving a lot of importance to food processing industry. She said this while speaking to the media on the side-lines of a CII conference.
In the budget, a corpus of Rs 2000 crore was created under NABARD so that cheaper credit can be given to food processing industry. Excise Duty on plant and machinery for packaging and processing has been brought down to six percent from 10 percent. Forms have been simplified for ease of business. Food processing ministry has allotted 17 new food parks across the nation, she added.
Citing that the industry is growing at a faster rate than agriculture and manufacturing, Badal said it has grown at 8.4 percent. The FDI in this sector has grown by more than 10 times in the last decade.
She further said that the food processing industry has emerged as highest employment generator in recent times. (KNN Bureau)
Loading...
