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Dec, 29 2018

Rs 3,000 crore to be made available for small food processing units for MSME sector's new scheme

This amount will be made available in addition to the Rs 6,000 crore fund marked for the Pradhan Mantri Kisan Sampada Yojana for cluster development.

Pushpa Subramaniyam, Secretary of the Ministry of Food Processing Industries (MoFPI), has said that a sum of Rs 3,000 crore will be made available to small food processing units with MoFPI working on a new scheme for MSME (Micro, Small and Medium Enterprises) sector.

This amount will be made available in addition to the Rs 6,000 crore fund marked for the Pradhan Mantri Kisan Sampada Yojana for cluster development.

Subramaniyam stated, "We are in process of formulating a new scheme of about Rs 3,000 crore - MSME sector-specific, where we will be investing heavily on improving entrepreneurship development of micro-units, along with providing the capacity to access the credit institutions available in the country besides providing training and research & development support to them."

"The outlook I see for food processing industry is that there would be a major push to make credit available to the sector. Several crucial steps were taken in the last few years by the government in this regard like NABARD fund of Rs 2,000 crore has been sanctioned," she further said.

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