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In FY21, FDI in the Food Processing Sector Fell by 57% to $393 Million

    28 July , 2021         Fdiindia

In FY21, FDI in the Food Processing Sector Fell by 57% to $393 Million

On Tuesday, the government announced that Foreign Direct Investment (FDI) in the food processing industry had declined 5 7 percent to USD 393.4 million (around Rs 2,926 crore) in 2020-21 as compared to the previous year.

Minister of State for Food Processing Industries Prahlad Singh Patel said in a written reply to the Lok Sabha that the Department for Promotion of Industry and Internal Trade is responsible for FDI policy and data.

The FDI received by the food processing industries (FPI) sector during 2020-21 stood at USD 393.4 million against USD 904.7 million in the previous year.

During 2018-19, FDI in the FPI sector stood at USD 628.24 million.

Patel said that the government is working to implement Central Sector Umbrella Scheme - Pradhan Mantri Kisan. SAMPADA Yojana (PMKSY) has been in place since 2016-17 to promote general growth and development of the food processing sector, particularly agro product processing, and thereby increase farmer income.

Mega Food Park, Integrated Cold Chain, and Value Addition Infrastructure, Creation/Expansion of Food Processing & Preservation Capacities, Infrastructure for Agro-Processing Clusters are some of the PMKSY's components plans.

PMKSY also includes Backward and Forward Linkages, Food Safety and Quality Assurance Infrastructure, Human Resource and Institutional Development, and Operation Greens.

The Ministry primarily provides credit-linked financial support (capital subsidy) in grants-in-aid to entrepreneurs to establish food processing/preservation companies under these programs.

Across the country, the Ministry has sanctioned 41 Mega Food Parks, 353 cold chain projects, 63 agro-processing clusters, 292 food processing units, 63 backward and forward linkages projects, and 6 Operation Green projects," Patel added.

On completion, these sanctioned projects are expected to help roughly 34 lakh farmers, he noted.