CCEA nod to rename food processing scheme as PM Kisan Sampada

NEW DELHI: The Cabinet Committee on Economic Affairs ( CCEA) today approved renaming the new central food processing scheme SAMPADA as Pradhan Mantri Kisan Sampada Yojana ( PMKSY) with an aim to benefit 20 lakh farmers and generate 5.30 lakh jobs by 2020.

The objective of the PMKSY is to supplement agriculture by promoting processing and reducing farm wastage.

The scheme with an allocation of Rs 6,000 crore is expected to leverage investment of Rs 31,400 crore, an official statement said.

In May, the CCEA had approved the central scheme called SAMPADA (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters) by clubbing all ongoing schemes related to food processing.

The CCEA today approved a proposal to rename the scheme SAMPADA as PMKSY for the period 2016-20 coterminous with the 14th Finance Commission cycle, the statement said.

The PMKSY will promote setting up of food processing units to boost availability of processed food items in the domestic market and for export purpose. The scheme will encourage creation of modern infrastructure with efficient supply chain management from farm gate to retail outlet.

This will not only help provide better prices to farmers but also create huge employment opportunities.