Punjab MSMEs happy with 100% FDI in Food Processing Sector

Mohali, Mar 1 (KNN) The food processing units in Punjab have hailed the big announcements made for the sector in the Union Budget 2016-17.

Finance Minister Arun Jaitley, in the Budget Speech, said, "Food processing industry and trade should be more efficient. Hundred per cent FDI will be allowed through the FIPB route in the marketing of food products produced and manufactured in India.”

"This will benefit farmers, give impetus to the food processing industry and create vast employment opportunities," he added.

Reacting to this, Sanjeev Vashisht, President, Mohali Industries Association, said, “This was a pro-agriculture and pro-industry budget.”

He said that 100% FDI in food processing sector will be a boon for Punjab as it is an agriculture focussed state.

“The MSMEs are happy with the Budget. If the basics are right, the industry will also benefit,” Vashisht said.

President of All India Food Processors’ Association Amit Dhanuka said that allowed Foreign Direct Investment (FDI) in food processing is an excellent step. He said that the budget is more focused on Agricultural sector. (KNN Bureau)