Business Daily from THE HINDU group of publications
Saturday, Nov 25, 2006
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Business Daily from THE HINDU group of publications Saturday, Nov 25, 2006 ePaper |
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Industry & Economy
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Foods & Food Processing Plan to give SEZ status to proposed Food Tech Parks Our Bureau
SEZ STATUS: The Minister for Food Processing Industries, Mr Subodh Kant Sahai (right), with the Assocham President, Mr Anil K. Agarwal, at a summit on Green Revolution - 11 Knowledge Agriculture, in the Capital on Friday. - Ramesh Sharma
New Delhi , Nov. 24 The Ministry of Food Processing Industries has moved a comprehensive proposal to give SEZ status to proposed mega Food Technology Parks with a provision of 50 per cent produce for domestic consumption and remaining for exports. Announcing this at the `Summit on Food Processing', organised by Assocham on Friday, the Minster of State for Food Processing Industries, Mr Subodh Kant Sahai, said the proposal has been moved to the Group of Ministers, Planning Commission and would also be shortly forwarded to the Cabinet for its consideration. The minimum and maximum land area prescribed for the parks is between 10 and 100 hectares with adequate refinancing facilities from Nabard with a minimum Central allocation of Rs 1 lakh crore, said the Minister. Mr Sahai added the Finance Ministry has also agreed to make the food processing industry a zero excise tax-based industry by fiscal 2007-08 following recommendation from the Food Processing Ministry. He added that in the last two and a half years, the excise taxation rates have been brought down to eight per cent from 32 per cent and by next fiscal, the taxation would be zero based with minimum possible local levies in view of growing significance of this sector.
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