Union Government has sanctioned ten projects worth over 301 crore rupees in food processing sector. These projects are likely to generate employment for ten thousand people and benefit nearly forty thousand farmers.
The projects were sanctioned at a meeting of the Inter-Ministerial Approval Committee held in New Delhi yesterday under the Chairpersonship of Food Processing Industries Minister Harsimrat Kaur Badal.
The projects were sanctioned under the Agro Processing Cluster Scheme of Kisan Sampada Yojana. Ms Badal said, during the last 15 days, the Ministry has facilitated investments worth 707 crore rupees. She said, the government is making all efforts to encourage investments in the business.
The Minister said, 100 per cent FDI is permitted under the automatic route in Food Processing Industries and 100 per cent FDI is allowed through approval route for trading including e-commerce in respect of food products manufacture and produced in India. One hundred per cent Income Tax exemption from profit derived from activities such as post-harvest value addition to agriculture by FPO’s having annual turnover up to 100 crore rupees.