Growing Taste, Growing Business with the Production-Linked Incentive Scheme for Food Products (2023)

Growing Taste, Growing Business with the Production-Linked Incentive Scheme for Food Products

Growing Taste, Growing Business with the Production-Linked Incentive Scheme for Food Products (1)

India's Production-Linked Incentive (PLI) schemes are a game-changer for the country's economy. The government has strategically identified several crucial sectors that are vital for economic growth and development and is providing incentives to these sectors to boost manufacturing and attract investment. The current PLI scheme covers a diverse range of sectors, from automobiles and auto components to drones and drone components, advanced chemical cell batteries, electronics and IT hardware, food processing, medical devices, specialty steel, pharmaceuticals, white goods, solar photovoltaic modules, telecom and networking products and textiles and apparels.

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These sectors are not only crucial for economic growth but also have the potential to create jobs and increase exports. The PLI scheme is an innovative approach to drive the country's manufacturing capacity and make India a global leader in these sectors. By providing financial incentives to companies, the government hopes to attract investments, create jobs, and increase exports in these sectors.

The PLI scheme is not only beneficial for businesses, but it also has a ripple effect on the economy. As companies invest in these sectors and increase production, it will lead to increased demand for goods and services, creating jobs and driving economic growth. Additionally, by promoting the use of technology in these sectors, the scheme will help to improve efficiency and reduce costs, making Indian products more competitive in the global market. The PLI scheme is a win-win for businesses and the economy as a whole.

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Targeting Food Products

Food products are a vital component of our daily lives and play a crucial role in ensuring food security for a population. The food processing sector is one of the most dynamic and diverse sectors in the world, and it has the potential to create jobs, increase exports, and improve the lives of farmers. The Indian government has recognized the importance of this sector and has launched the Production-Linked Incentive (PLI) Scheme for Food Products to boost the country's manufacturing capacity in this sector.

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The PLI Scheme for Food Products is a comprehensive initiative that aims to incentivize the manufacture of four major food product segments: ready-to-cook/ready-to-eat foods, marine products, processed fruits and vegetables, and mozzarella cheese. Additionally, the scheme also covers innovative and organic products from small and medium-sized enterprises (SMEs), such as eggs, egg products, and poultry meat.

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The food industry is considered a "never-ending" industry because food is a basic human need that will always be in demand. Additionally, with the world population growth and changes in dietary patterns, the demand for food is only expected to increase.

Think of the PLI scheme as a win-win situation for both the industry and the country. As companies invest in and expand their operations, it leads to a boost in production and job opportunities. Not only that, but it also helps to make domestic food producers more competitive in the market and promotes the use of locally sourced ingredients.

This innovative program is designed to give a shot in the arm of domestic manufacturing by offering financial incentives to companies that meet specific targets.

In simple words, PLI is a recipe for success for the food industry! It's an opportunity to take your business to the next level and make a real difference for your country. So, don't miss out on this delicious opportunity and give your food business a taste of success with the PLI scheme.


Scheme Initiative

Under the scheme, companies can receive incentives ranging from 4 to 10% over a six-year period. Companies must meet certain criteria to be eligible for the incentives, such as investing in new machinery and equipment, increasing production, and meeting export targets.

An effort by the government to support the food processing industry is called the Production-Linked Incentive (PLI) Scheme for Food Products. The scheme, with a budget of INR 109 billion, is implemented by the Ministry of Food Processing and is expected to benefit farmers and create jobs. The scheme includes incentives for the manufacture of 4 major food product segments, support for branding and marketing of Indian food products abroad, and grant opportunities for in-store branding and marketing. Applications for the scheme were closed in June 2021, and applicants were evaluated based on sales and investment criteria, for manufacturing innovative or organic products, or for solely undertaking branding and marketing activities abroad.

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The Scheme's Benefits

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The scheme also aims to promote the use of technology in the food processing sector. This includes the use of automation and digital technologies to improve efficiency and reduce costs. By promoting the use of technology, the scheme will help to make Indian food products more competitive in the global market. The scheme also aims to increase the competitiveness of Indian food products in the global market, by encouraging companies to adopt international best practices and standards. This will help to improve the quality of Indian food products and increase their appeal to foreign buyers.

In addition to the financial incentives, the scheme also provides support for the branding and marketing of select Indian food products abroad to enable their entry into international food markets and increase their visibility. The scheme is considering providing grants for applicant entities to establish in-store branding, shelf space renting, and marketing.

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The Production-Linked Incentive (PLI) Scheme for Food Products is, to put it succinctly in the language of the food industry, a delicious initiative by the Indian government to spice up the nation's manufacturing capacity in the food processing sector. The program is a surefire hit because it offers generous financial incentives of 4–10% over a six-year period to businesses that make investments and boost production in the industry. The plan also encourages using technology to boost productivity and cut costs, which gives it some extra flavor.

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