The Ministry of Food Processing Industries has been orchestrating a symphony of success in 2023, propelling the export of processed food and extending over 51,000 loans under credit subsidy. Their tireless efforts to elevate the food processing sector in the country are reaping substantial rewards.
This year witnessed a remarkable 73% surge in sectoral assistance through the ministry budget. The government allocated a staggering Rs 3,287.65 crore to the ministry in the year 2023-24, showcasing a significant leap from the revised estimate of Rs 1,901.59 crore in 2022-23.
But wait, there’s more – the share of processed food exports in agri-exports also saw a substantial increase from 13.7% in 2014-15 to a whopping 25.6% in 2022-23. The sector’s Gross Value Added (GVA) spiked from Rs 1.34 lakh Crore in 2014-15 to a staggering Rs 2.08 lakh crore in 2021-22.
The Ministry has also been on a roll in attracting foreign investments, with the sector drawing in a massive USD 6.185 billion FDI equity inflow during April 2014-March 2023. This has solidified its position as one of the largest employment providers in the organized manufacturing sector, accounting for 12.22% employment in the total registered/organized sector. That’s a lot of jobs!
One of the major highlights was the Pradhan Mantri Micro Food Processing Industries Upgradation Scheme (PMFME), which has been a game-changer since January 2023, sanctioning over 51,000 loans under the credit-linked subsidy component. This initiative has been instrumental in empowering food processing entrepreneurs and driving growth in the sector.
Additionally, the Ministry has been working tirelessly on the Pradhan Mantri Kisan SAMPADA Yojana (PMKSY), with a total of 184 projects approved under various component schemes. Out of these, 110 projects have already been completed, resulting in an impressive processing and preservation capacity of 13.19 Lakh MT. This doesn’t just benefit the farmers, it’s also a win-win situation for everyone involved.
The government also rolled out the Production-Linked Incentive Scheme for Food Processing Industries (PLISFPI) to support the creation of global food manufacturing champions and promote Indian brands of food products in the international markets. With a total of 176 proposals approved so far, the scheme is projected to lead to investments worth Rs 7722 Crore and generate employment opportunities for 2.50 Lakh individuals. Talk about making an impact!
As part of the celebrations for International Millet Year 2023, the ministry launched a series of Millet Roadshows, conferences, and exhibitions across 27 districts. This has been a wonderful way to promote and raise awareness about the importance of millets, showcasing their value and the endless possibilities they offer for food processing.
In addition, the ministry has identified 19 districts with Millet Products as One District One Product (ODOP) under its PMFME scheme and has approved 3 Marketing & Branding proposals for Millet Products. They’ve also given the green light for 17 incubation centers in 10 states that have Millet Processing lines, further expanding the reach of millet-based food products.
It’s clear that the Ministry of Food Processing Industries has been pulling out all the stops to drive growth, empower entrepreneurs, and make a significant impact on the food processing sector. With their ongoing initiatives and unwavering dedication, 2023 has been a monumental year, and we can’t wait to see what they have in store for the future.
