Summary:

The food processing industry has become crucial to the Indian economy, significantly boosting GDP, employment, and exports. From 2015-16 to 2022-23, the sector's Gross Value Added (GVA) increased from US$ 19.22 billion to US$ 22.92 billion, achieving an average annual growth rate (AAGR) of 5.35%. Employment rose from 17.73 lakh to 20.68 lakh, while processed food exports grew from 13.7% to 23.4% of total agri-food exports.

The Ministry of Food Processing Industries (MoFPI) is advancing the sector through three key schemes: Pradhan Mantri Kisan SAMPADA Yojana (PMKSY), Production Linked Incentive Scheme for Food Processing Industry (PLISFPI), and PM Formalisation of Micro Food Processing Enterprises (PMFME). As of June 30, 2024, PMKSY has authorized 41 Mega Food Parks and 399 Cold Chain projects, while PMFME supports 92,549 micro enterprises. PLISFPI, with an allocation of $1.30 billion, assists 172 firms.

Source: IBEF 

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