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An amount of ₹584.30 crore has been disbursed as incentives for the financial year 2021-22 under the PLI (Production Linked Incentive) scheme
The Indian government has announced that the food processing industry invested ₹7,126 crore under the production-linked incentive (PLI) scheme, generating sales of ₹49,825 crore during April-September.
An amount of ₹584.30 crore has been disbursed as incentives for the financial year 2021-22 under the PLI (Production Linked Incentive) scheme. The beneficiaries must submit their incentive claims for a specific financial year by 31st December of the following financial year. The Union Cabinet approved the PLI scheme for the food processing industry on 31st March 2021, with a total outlay of ₹10,900 crore. The scheme will be implemented from the financial year 2022-23 to 2026-27.
The government has introduced a scheme with three components. The first component aims to encourage manufacturing in four food product segments, which include ready-to-cook or ready-to-eat foods, processed fruits and vegetables, marine products, and mozzarella cheese. The second component is focused on promoting innovative/organic products made by small and medium-sized enterprises (SMEs). The third component incentivises branding and marketing to promote Indian brands in overseas markets. Furthermore, a PLI scheme has been launched in FY23 to promote millet-based products using the savings obtained from the food processing scheme. The outlay for the PLI scheme is ₹800 crore.