The food processing industry has emerged as a key driver of India’s economy, contributing significantly to GDP, employment, and exports. Over the past eight years, the sector has witnessed a robust average annual growth rate of 5.35%. A press release on its initiatives was issued on July 25, 2024.
Government Initiatives Boost Growt
The Ministry of Food Processing Industries (MoFPI) has been instrumental in fostering the growth of the sector through various initiatives. Key schemes such as Pradhan Mantri Kisan SAMPADA Yojana (PMKSY), Production Linked Incentive Scheme for Food Processing Industry (PLISFPI), and PM Formalization of Micro food processing Enterprises (PMFME) have played a crucial role in creating infrastructure, supporting micro-enterprises, and promoting exports.
Key Highlights
Increased Investment
The government has approved projects worth crores of rupees under PMKSY for developing food processing infrastructure, including mega food parks, cold chains, and agro-processing clusters.
Employment Generation
The sector has created millions of jobs, contributing to overall employment growth in the country.
Export Growth
Processed food exports have witnessed a significant increase, accounting for a substantial share of India’s agri-food exports.
