The approval has come from the inter-ministerial approval committee (IMAC) that revealed the projects are spread across almost 17 states, leveraging an investment worth Rs 406 Cr. (Bloomberg image)

To boost job creation in the rural sector and give cushion to the agriculture sector, the government has today sanctioned 32 projects under Pradhan Mantri Kisan Sampada Yojana (PMKSY). The approval has come from the inter-ministerial approval committee (IMAC) that revealed the projects are spread across almost seventeen states, leveraging an investment worth Rs 406 crore, according to a statement by the Ministry of Food Processing Industries. It is also believed that the move will generate nearly fifteen thousand persons, with a higher focus on the rural areas.

The Ministry of Food Processing Industries (MoFPI) has rolled out the schemes to increase the processing and preservation capacities and modernisation and expansion of existing food processing units. The ultimate goal is to increase the level of processing and value addition, leading to a reduction of agri waste.

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With a high CAGR of nearly 8 per cent in the last five years, the food sector has come up with a high-growth and high-profit potential due to its high potential for value addition. “The Processed food market is expected to grow to $ 543 bn by 2020 from $ 322 bn in 2016, at a CAGR of 14.6 per cent,” going by the government’s statement.



Meanwhile, with a total outlay of Rs 6,000 crore, MoFPI is implementing PMKSY during the period of 2016-20. The PMKSY has seven component schemes that are Mega Food Parks; Integrated Cold Chain and Value Addition Infrastructure; Infrastructure for Agro-Processing Clusters; Creation of Backward and Forward Linkages; Creation/Expansion of Food Processing and Preservation Capacities; Food Safety and Quality Assurance Infrastructure; and Human Resources and Institutions.