The Ministry of Food Processing Industries (MoFPI) approved 41 Mega Food Parks, 399 Cold Chain projects, 76 Agro-processing Clusters, 588 Food Processing Units under PMKSY

The Food Processing Industries have emerged as a vital component of the Indian economy, contributing significantly to GDP, employment, and exports. Over the past 8 years ending 2022-23, the sector has grown at an Average Annual Growth Rate (AAGR) of approximately 5.35%. The Gross Value Added (GVA) in the Food processing sector increased from US$ 19.22 billion (Rs. 1.61 lakh crore) in 2015-16 to US$ 22.92 billion (Rs. 1.92 lakh crore) in 2022-23, as reported by the Ministry of statistics and programme implementation. Employment in this sector rose from 17.73 lakh in 2014-15 to 20.68 lakh in 2021-22, according to the Annual Survey of Industries (ASI). Additionally, the share of processed food exports in agri-food exports grew to 23.4% in 2023-24 from 13.7% in 2014-15.

MoFPI is implementing several key schemes to advance the Food Processing Sector and address its challenges. These include the Pradhan Mantri Kisan SAMPADA Yojana (PMKSY), the Production Linked Incentive Scheme for Food Processing Industry (PLISFPI), and the PM Formalization of Micro Food Processing Enterprises (PMFME) scheme. Under PMKSY, MoFPI has approved numerous projects, including 41 Mega Food Parks and 399 Cold Chain projects, as of June 30th, 2024. The PMFME scheme, with an outlay of US$ 1.19 billion (Rs. 10,000 crore), supports micro food processing enterprises, approving assistance for 92,549 such enterprises. The PLISFPI scheme, with a total outlay of US$ 1.30 billion (Rs. 10,900 crore), aims to create global food manufacturing champions and support Indian food brands internationally, with 172 companies receiving approval for assistance as of June 30th, 2024.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.