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Our Bureau

New Delhi, Aug. 13 The Ministry of Food Processing Industries has decided to forward 849 proposals for financial assistance to banks to facilitate prompt loan disbursal for expansion of units in the sector.

A number of entrepreneurs had sought ‘grant-in-aid’ for setting up food processing units, expansion and for modernisation of the existing plants. “In order to ensure speedy disbursement of the financial assistance, the Ministry has decided to decentralise the disbursement procedure through banks effective from April 1 this year,” said Mr Subodh Kant Sahai, Minister of State for Food Processing Industries.

Mr Sahai said that all the pending applications were being sent to the banks concerned to which the units had applied for term loans. Among the pending proposals, 327 are lying since last financial year, while 192 and 262 cases are pending from 2005-06 and 2004-05, respectively. The Ministry also has 55 proposals pending since 2003-04 and 13 proposals pending since 2002-03.

Only complete proposals, which fulfil the guidelines of the Ministry, will be considered for approval and financial assistance will be released accordingly, said the Minister.

Mr Sahai also said that the Government was also in the process of conducting a study to identify locations for the five mega food parks proposed to be set up during the Eleventh Plan. Although 30 mega food parks are envisaged for the Plan, five would be set up initially in different regions, to be identified through pre-feasibility study, he added.

More Stories on : Foods & Food Processing | Credit Market

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