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HomeNewsGVA in the food processing sector increased by 7.27%, CAGR to Rs...

GVA in the food processing sector increased by 7.27%, CAGR to Rs 2.37 lakh crore in 2020–21

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With a compound annual growth rate (CAGR) of 7.27%, the gross value addition (GVA) in the food processing sector climbed from Rs 1.79 lakh crore in 2016–17 to Rs 2.37 lakh crore in 2020–21. The GVA for the most recent year, 2020–2021, was as follows:

2017-182018-192019-202020-21
Gross Value Added1.932.362.262.37

For the purpose of growing GDP contribution and job opportunities, there is no target established for the food processing industry. However, 12.2% of jobs in the recognised manufacturing sector are contributed by the food processing industry. The industry now contributes a greater portion of India’s GVA thanks to the ministry’s various programmes and policy initiatives. The Pradhan Mantri Kisan SAMPADA Yojana (PMKSY) is a programme run by the Ministry of Food Processing Industries that, among other things, aims to build modern post-harvest infrastructure, increase value addition, give farmers better returns, create job opportunities, etc.

The ministry is also putting into practise the PM-Formalization of Micro Food Processing Enterprises (PMF ME) Scheme, which aims to provide two lakh micro food processing enterprises across the nation with financial, technical, and business support for starting up or upgrading their operations. 

To encourage the development of world leaders in food manufacturing, a new production-linked incentive scheme (PLIS) for the food processing sector is now being introduced. Additionally, this plan will increase employment prospects and exports for the industry.

Prahlad Singh Patel, the minister of state for food processing industries, recently provided this information in a written Lok Sabha reply.

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