The majority of the  Nifty FMCG index’s components were trading higher on December 7, a day after the government announced that 60 companies had been authorised for the production-linked incentive scheme (PLI) for food processing.

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The food processing ministry said that applications for investment proposals from packaged food businesses including Amul, ITC, HUL, Britannia Industries, Parle Agro, Tata Consumer Products, and Nestle India have been approved.

On the BSE, ITC was up 0.6% at Rs 219.10, HUL was up 0.8% at Rs 2,326.55, and Britannia Industries was up 1% at Rs 3,528.55.

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The Cabinet authorized a PLI scheme for the food-processing industry in March 2021, with an outlay of Rs 10,900 crore. According to the government, the initiative will help generate 2.5 lakh employment, promote exports, and assure the availability of a broader selection of value-added products for customers.

The ministry had invited expressions of interest (EoI) and suggestions for taking advantage of these incentives, with the deadline for submissions being June 24.

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“The ministry received 91 applications under Category 1 in response to the EoI. The approval committee, chaired by the minister, FPI (food-processing industries), has approved 60 applications in Category 1 “It was stated in a statement.

According to the list, 12 ready-to-eat and ready-to-cook applications have been granted, including those of Britannia Industries, Haldiram Snacks, Gujarat Co-Operative Milk Marketing Federation (Amul), Parle Biscuits, ITC, Balaji Wafers, Hindustan Unilever, Prataap Snacks, and others.

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Companies such as Parle Agro, Tasty Bite Eatables, ITC, Hindustan Unilever, Varun Beverages, Nestle India, Dabur India, Tata Consumer Products, and others had 18 applications approved in the fruits and vegetable sector.

Eleven proposals in the marine food sector have been approved, including those of Falcon Marine Exports, Avanti Frozen Foods, and ITC.

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