Jun 5: A non-banking finance company to exclusively fund food processing projects may be set up very soon, according to Harsimrat Kaur Badal, Union Minister for Food Processing Industries.
“We are in the process to create a new Financial Institution that will exclusively fund food processing projects and create capacity building in the field of risk assessment and lending to food processing sector. Request for proposal for the institution which will be called Agro Processing Financial Institution, will be out by July, 2018. It will be a Non-Banking Financial Institution and will be largely driven by private sector and government will act as a facilitator. There is keen interest in the institution by both national and international companies.”
The food processing sector had attracted investments worth Rs 1,00,000 cr in the past one year and work on Rs 73,000 cr worth projects have begn. Twenty five Mega Food Parks were operationalised in the past five years.
Government is creating a Cold Chain Grid to link every nook and corner of India by its 42 Mega Food Parks, 234 Cold Chain Projects and around 700 projects under PM Kisan Sampada Yojana. With the schemes of the Ministry, more than 33 lakh farmers shall be directly benefited every year and their number shall keep increasing.
Achievements of last 4 years
Last four years have witnessed 351% Mega increase in preservation and processing capacity of 15.94 lakh MT per annum created by the Ministry. Big-time increase of 720% in Cold Storage capacity. 180% increase in the value of agro produce processed by the projects handled by the Ministry.
Under the new Scheme Pradhan Mantri Kisan SAMPADA Yojana, total of 122 projects have been approved under three schemes viz. Agro Processing Clusters, Backward-Forward Linkage and Unit scheme leveraging an investment of Rs 2,300 crore. This is expected to generate direct and indirect employment of around 3.4 lakh persons.
The Minister also gave a roundup of investments received since World Food India.
-First ever global investment summit “World Food India 2017” organized from 3-5 November 2017 successfully created ‘Brand India’ putting the country on the global food map by positioning India as a ‘World Food Factory’ which led to MoUs for investment worth $14 billion.
– FDI inflow between April, 2017 & December, 2017 was USD 822 million
– Projects worth $11 billion are already being grounded by over 30 companies.
– Metro Cash & Carry is adding 25 more stores.
– SIAM Makro / CP Wholesale is opening three Big Wholesale stores in New Delhi and one store in NOIDA
-· Amazon has opened a total of 67 warehouses in the country so far with 15 stores being opened over last month.
– Grofers has invested in setting up of over 10 vegetable processing centers (Collection centers and Warehouses)
– Over $1billion has already been invested by Coca-Cola, Britannia, Cargill, Tilda Hain, Emami, Keventer Agro, Rich Gravis etc. since World Food India 2017.