New Delhi: The food processing sector has emerged as an important segment of the Indian economy in terms of its contribution to GDP, employment and investment. During 2015-16, the sector constituted as much as 9.1 and 8.6 per cent of GVA in Manufacturing and Agriculture sector respectively.
In a latest development, the Cabinet Committee on Economic Affairs, chaired by the Prime Minister, Mr Narendra Modi, has approved the renaming of the new Central Sector Scheme – SAMPADA (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters) as “Pradhan Mantri Kisan Sampada Yojana (PMKSY) ” for the period of 2016-20 coterminous with the 14th Finance Commission cycle. The SAMPADA which was also a new Central Sector Scheme was earlier approved in May this year with same allocation and period.
The objective of PMKSY is to supplement agriculture, modernize processing and decrease agriculture waste.