The meals processing sector in India acquired overseas direct funding (FDI) value $368.37 million this fiscal (until September), the Parliament was knowledgeable. Country-wise, Ireland invested $83.84 million, Singapore $48.45 million, Mauritius $41.65 million and the United States, $38.60 million, knowledgeable Minister of State for Food Processing Industries, Ravneet Singh Bittu, in a written reply to the Lok Sabha.
Other key international locations are Australia at $20.18 million and Mexico $9.59 million within the April-September interval within the present monetary yr. The whole FDI within the meals processing sector was $608.31 million in FY24, knowledgeable the minister.
The sector is being promoted by way of Pradhan Mantri Kisan Sampada Yojana, Production Linked Incentive Scheme for Food Processing Industry (PLISFPI and Pradhan Mantri Formalization of Micro meals processing Enterprises (PMFME) scheme. Under PLISFPI, 213 initiatives have been accomplished until date, leading to employment era to the tune of 289,832 individuals.
PLISFPI is meant to assist creation of worldwide meals manufacturing champions and assist Indian manufacturers of meals merchandise in worldwide market. The scheme is being carried out over a six-year interval from 2021-22 to 2026-27 with an outlay of Rs 10,900 crore.
The Ministry additionally launched PMFME scheme for offering monetary, technical and enterprise assist for upgradation of present micro meals processing enterprises in addition to organising of recent items. The scheme is operational from 2020-21 to 2025-26 with whole outlay of Rs 10,000 crore.
Meanwhile, India’s natural meals merchandise export reached $447.73 million within the first eight months of this fiscal (FY25), and are set to surpass final yr’s export figures.
In the present monetary yr, the entire quantity of natural meals product exports reached 263,050 metric tonnes (MT) until November 25 and the export of natural meals merchandise stood at $494.80 million final fiscal (FY24).
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