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Agro-processing financial institution RFP to be launched by July 2018

New Delhi: “Food Processing is all set to become the most robust sector in India to contribute majorly to India's growth and the sector is all set to double farmers' income by 2022 as envisioned by the Hon'ble Prime Minister Shri Narendra Modiji”, said Union Minister for Food Processing Industries Harsimrat Kaur Badal, while addressing the media on the achievements of the Ministry during the last 4 years here today.

Badal informed media that four years back when she took over, food processing sector was totally disorganized and the industry was apprehensive of launching new projects or products and committed projects were being delayed and shelved. After four years she has reversed the business environment and turned it into the most buoyant and happening sector.

Minister informed, "from a dismal situation four years back today we have investment commitment of nearly Rs.1,00,000 crores which we got in last one year alone and out of which investment worth Rs.73000 crores have started grounding. This is just tip of the iceberg that shall unleash its real potential in years to come.”

"The last government-sanctioned 42 Mega Food Parks from the year 2008 onwards and 6 years later when I took over, only two (one of them Patanjali) could get operationalized during 2008 to 2014. I can now proudly say that overall 25 Mega Food Parks would be operationalized by 2018 out of the 15 already been completed so far and 15 more shall be operationalized by 2019” said the minister.

“Four years the back industry was apprehensive of the Food Regulator FSSAI and today FSSAI has harmonized itself to world standards.  FSSAI has transformed into the most potent and business-friendly regulator for those conforming to rules” mentioned the minister.

Government is creating a Cold Chain Grid to link every nook and corner of India by its 42 Mega Food Parks, 234 Cold Chain Projects and around 700 projects under PM Kisan Sampada Yojana.  With the schemes of the Ministry, more than 33 lakh farmers shall be directly benefited every year and their number shall keep increasing.

Informing the gathering about a new financial institution Badal said, “We are in the process to create a new Financial Institution that will exclusively fund food processing projects and create a capital city building in the field of risk assessment and lending to food processing sector. Request for proposal for the institution which will be called Agro Processing Financial Institution will be out by July 2018. It will be a Non-Banking Financial Institution and will be largely driven by the private sector and the government will act as a facilitator. There is keen interest in the institution by both national and international companies.”

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