Punjab sets up special purpose vehicle for micro food processing units

Chandigarh, March 31 (SocialNews.XYZ) In a step aimed at giving a major push to the state's food processing sector, the Punjab Agro Industries Corporation on Wednesday gave nod for forming a special purpose vehicle (SPV) for branding and marketing of products manufactured by micro food processing units.

The decision was taken at a meeting of the Board of Directors, presided over by Chairman Joginder Singh Mann, along with Managing Director Manjit Singh Brar here.

Mann said the state government was making efforts to transform the destiny of farmers by giving fillip to the food processing sector, and the SPV would be constituted in financial collaboration with the Unati Cooperative Marketing-cum-Processing Society.

He said the move was largely aimed at giving boost to the food processing sector, especially the micro food processing one.

He said the SPV would provide a common branding, marketing and central quality control platform for the beneficiaries of the Prime Minister Formalisation of Micro Food Processing Enterprise Scheme (PMFME).

Punjab Agro Industries Corporation is the state's nodal agency to implement the PMFME, with products like pickles, 'murabba', jaggery, 'wadiyan', 'papaad' and ready-to-eat products, value added bakery products and honey covered under the scheme.

Mann said a comprehensive survey has been conducted as per which 'one district, one product' has been finalised for the scheme's implementation.

So far around 160 micro-food processing units have applied under the scheme, under which 35 per cent subsidy would be provided to them.

Source: IANS