World Bank to Provide Rs 3,000 crore for Mini & Mega Food Parks

The World Bank will be providing Rs 3,000 crore funds to finance mini & mega food parks across the country, mainly in the Northeast part of India. The move will help boost farmers’ income, said by Union Minister of State for Food Processing Industries, Rameswar Teli. 

The Minister said that some minor formalities are yet to be completed before the first disbursement of the sanctioned amount is released. He made these remarks while addressing the 15th Indo-US Economics Summit, which was organised by the Indo-American Chamber of Commerce- North India Council (IACC- NIC).

 Teli said that "The World Bank has agreed to sanction sum of Rs 3,000 crore for the Ministry of Food Processing to enable it finance mini and mega food parks across the country". 

 The minister, in a statement issued by Indo-American Chamber of Commerce- North India Council (IACC-NIC), advise India Inc to come forward and take advantage of the policies of the government to set up food processing units in the whole country, in which the elements of the subsidies will go to an extent of 75 per cent.

These days the government is trying its best to double the income of farmers and is putting lot of focus on mega and mini food parks so that grains processed and produced by farmers is done optimally and ultimately farmers gain with such policy decisions.

 Teli added that "In fact, efforts these days are being put in to sanction food parks and mini food parks within 10 acres of land ceiling since huge landscapes are not available in every state,". He ended by saying that the budget given for food processing ministry should be raised to Rs 3,000 crore a year from the current level of Rs 1,400 crore in order to boost the sector.