Beverages & Food Processing February 2018

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Postal Reg No. THW/210/2016/2018 Posting Date is 20th & 30th of Every Month

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Federation of Sweets & Namkeen Manufacturers

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Feb 10, 2018, Hotel Eros, Nehru Place, New Delhi

Official Media India's Only Monthly News Magazine, Portal & App For Agro, Food & Allied Industries

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Vol. 10, Issue 09, February 2018,

Rs. 1400 cr to food processing in

Budget 2018-19

20/-

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on agriculture. Agri-exports have the potential of USD100 bn therefore state-of-art facilities will be set up in 42 parks for agri-export; Jaitley said along with this, government proposed setting up of agricultural market fund of 2,000 cr. to support the rural growth.

F

M Jaitley presented the last Union Budget of NDA led government to double the allocation for food processing sector i.e 750 cr to 1400 cr in the fiscal year 2018-19. Food processing segment is growing at an average of 8 % per annum. As expected, the government woos farmers, fisheries sector along with animal husbandry. FM not only proposes to extend ‘Kisan Credit Card’ to fisheries and animal farmers, but also allocated Rs. 10,000 crore for fisheries, aquaculture, and animal husbandry. The Finance Minister opening remarks at the Budget meet stated that India is one of the fastest-growing economies in the world and this year Budget will particularly focus

Claiming demonetization as a right decision, the Minister said that it has increased taxation base and spurred greater digital transaction in the country. With an aim to double framers’ income, the government will create an institutional mechanism involving all concerned ministries so that farmers get a fair price for their produce. Cultivation of horticulture crops in clusters can boost production and marketing, hence Agri-Market Development Fund with a corpus of Rs 20 billion to be set up to develop agricultural markets. Jaitley further added that Foreign Direct Investment (FDI) has gone up, while the GDP at 6.3 per cent is a signal of a turnaround in the economy. Exports are expected to grow at 15 per cent in 2018. “Allocation is being doubled to boost food processing; specialized agro-processing and financial institutions to be promoted by the Government. Cluster-model approach to be adopted for agricultural production,” said he.

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