The production linked incentive scheme for the food processing sector will boost domestic manufacturing and exports in the sector and lead the country to be a credible player in the global value chain soon, trade body TPCI said on Thursday.
Trade Promotion Council of India (TPCI) founder Chairman Mohit Singla said that the scheme will go a long way and prove to be a milestone in Indian brands reaching global shelves quickly.
"It will boost the manufacturing activity and boost exports in the Food and Beverage sector and lead the country to be a credible player in the global value chain soon," he said in a statement.
He added that the Rs 10,900 crore PLI scheme will be a game changer for India as it will incite a large number of young entrepreneurs and experts to join the food processing domain, giving India an edge.
"India will surely replicate the China and Taiwan model in the sector and emerge as a global leader. Additionally, this scheme will also create huge employment opportunities for nearly 3 lakh people in the next six years," Singla said.
The value added exports will get a leg up with expansion of processing capacity in the country and branding abroad to incentivise emergence of strong Indian brands.
He said that the SMEs in the food processing sector will get a major push by enhancing the manufacturing capabilities and enhanced exports.
India's share of organic products in the world is less than 1 per cent, while the exports is only USD 700 million currently, according to TPCI.
The government on March 31 approved a production-linked incentive scheme for the food processing sector, entailing an outlay of Rs 10,900 crore.