28 Food Processing Projects worth over Rs 320 Crores Approved

#GS3 #ECONOMY #SCHEMES

  • 28 projects, with project costs of Rs. 320.33 crores, supported with a grant of Rs. 107.42 Crores by MoFPI, were approved under the CEFPPC Scheme by the Inter-Ministerial Approval Committee (IMAC). 
  • These projects spread over 10 states are likely to generate employment for nearly 10,000 people.
  • The projects under the Scheme of Creation/Expansion of Food Processing and Preservation Capacities (CEFPPC) (Unit Scheme) under Pradhan Mantri Kisan Sampada Yojana (PMKSY) for necessary Grants-in-aid.

 

Pradhan Mantri Kisan Sampada Yojana (PMKSY)

  • Pradhan Mantri Kisan Sammann Nidhi is an initiative by the government of India in which all farmers will get up to ₹6,000 (US$84) per year as minimum income support. 
  • The initiative was to be announced by Piyush Goyal during the 2019 Interim Union Budget of India on 1 February 2019. 
  • The scheme will cost ₹75,000 crore (US$11 billion) per annum and will come in effect from December 2019. 
  • ₹6,000 per year will be paid to each eligible farmer in three instalments and will be deposited directly to their bank accounts.
  • The scheme was first conceived and implemented by Government of Telangana as the Rythu Bandhu scheme, where a certain amount is given directly to eligible farmers. 
  • The scheme has received accolades from various organisations for its successful implementation, including World Bank
  • Many economist suggest that this type of investment support is better than farm loan waivers. 
  • With the positive outcome of this scheme, Govt of India wanted to implementit as nationwide project and it was announced by Piyush Goyal during the 2019 Interim Union Budget of India on 1 February 2019.
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