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Oct, 29 2015

Punjab receives 55 investment proposals for food processing units

In a major decision, Punjab government has announced exempting inputs of food processing sector from taxes to make the state as food processing hub of the country.

After the Punjab government announces tax sops for food processing sector, the state has received 55 investments proposals involving outlay of Rs 8,000 crore only for setting up food processing units.

The MoUs were signed in the presence of Union Food Processing Minister Harsimrat Kaur Badal, reported PTI.

In a major decision, Punjab government has announced exempting inputs of food processing sector from taxes to make the state as food processing hub of the country.

“Punjab contributes more than 40 per cent of the central procurement of wheat, 26 per cent of the central procurement of rice, 75 per cent of total production of kinnows and oranges, and 7.5 per cent of the total milk production in the country,” shared Badal.

Further, agricultural sector plays a pivotal role in boosting India's economy with about 21per cent of GSDP being contributed by Agricultural and allied sectors against an all India figure of 14 per cent.

Badal apprised the participants that Punjab heralded the first Green Revolution in the country, and has made rapid strides in improving the quality and quantity of the food grain production.

She said that endowed with high fertility, abundant natural resources and good quality of soil, the state enjoys high yield for various agricultural produce.

She said Food processing was the focus area of investment in Punjab, and concerted efforts were being made by the government to facilitate big investments in food processing industry.

The Union Minister also said Punjab has a strong base of a pre-existing ecosystem for the Agro & Food Processing sector, which provides it an edge over other states.

She said that now Punjab is looking forward to enhance the capabilities of this vital sector through the adoption of modern technologies for food processing, and ensuring significant linkages across the value chain.

The state is keen to clear the way for conducive regulatory environment of total transparency for smooth operations, she said.

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