ENA Sectors 2018-12-01 08:45:45 <p><strong>New Delhi, Dec 1 (KNN)</strong> To fund food processing industries, the government has planned to set up a non-banking financial company (NBFC) with an initial corpus of Rs 2,000 crore, said Harsimrat Kaur Badal, Union Cabinet Minister for Food Processing.</p> <p>This is being done as a part of the effort to boost this sector and double farmers income, Badal added. </p> <p>Badal said the initial corpus would be Rs 2,000 crore, but the same would increase significantly later.</p> <p>The government has inaugurated 15 mega food parks in last four and half years out of 42 sanctioned, in contrast to mere 2 parks between 2008 and 2014 during the UPA regime, she said</p> <p>She said 35 out of 42 parks would be operational by the end of next fiscal year.</p> <p> We are setting up a fund for lending to food processing industries, she mentioned.</p> <p>On the sidelines, the minister said that she would hold consultation with the finance ministry on setting up of this NBFC.</p> <p>The proposal would also be put before the Cabinet for approval. </p> <p> There has been 350 per cent increase in food processing capacity and 720 per cent increase in cold chain capacity, she stated</p> <p>Badal said the ministry is also providing Rs 10 crore subsidy for setting up of mini food parks near agriculture clusters.</p> <p>Badal termed food processing as golden sector .</p> <p>She said India has the potential to become world food factory. </p> <p>The minister said the food processing sector is attracting USD 1 billion foreign direct investment (FDI) annually now.</p> 21439 https://knnindia.co.in/news/newsdetails/sectors/govt-to-set-up-nbfc-initial-corpus-of-rs-2000-crore-to-fund-food-processing-industries-badal 2018-12-01 08:45:45 knnindia.co.in