New Delhi: The food processing industry has made an investment of ₹7,427 crore under the production-linked incentive (PLI) scheme so far, said Union minister of state for ministry of food processing industries Prahlad Singh Patel in a written reply in the Lok Sabha.
“Under the scheme, 158 applications have been approved for availing incentives. As per the information received, the beneficiaries have invested 7,427.22 crore (as on 31st March 2023) under the scheme. So far, incentive of ₹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 ₹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 ₹800 crore, utilizing the savings under PLISFPI.
Recently, a KPMG report said that the Indian food processing market is expected to grow to $470 billion by 2025, from $263 billion in 2019-20.
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