Cabinet approves renaming SAMPADA scheme

New Delhi, Aug 23 (IANS) The cabinet on Wednesday 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).

The PMKSY seeks to supplement agriculture, modernise processing and decrease agri-waste, It is for the period of 2016-20, co-terminous with the 14th Finance Commission cycle.

The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi approved the renaming.

Earlier, the CCEA in its meeting held in May approved the new Central Sector Scheme SAMPADA (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters) with same allocation and period .

"PMKSY with an allocation of Rs 6,000 crore is expected to leverage investment of Rs 31,400 crore, handling of 334 lakh MT agro-produce valuing Rs 1,04,125 crore, benefit 20 lakh farmers and generate 5,30,500 direct/indirect employment in the country by the year 2019-20," said a statement.

According to the statement, the implementation of PMKSY would result in creation of modern infrastructure with efficient supply chain management from farm gate to retail outlet.

"It will provide a big boost to the growth of food processing sector in the country, help in providing better prices to farmers and is a big step towards doubling of farmers' income, create huge employment opportunities especially in the rural areas," said the statement.

"It will also help in reducing wastage of agricultural produce, increasing the processing level, availability of safe and convenient processed foods at affordable price to consumers and enhancing the export of the processed foods," it added.