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Last Updated : May 15, 2020 05:16 PM IST | Source: Moneycontrol.com

Rs 10,000 crore earmarked for branding, marketing of MFE products: FM Nirmala Sitharaman

This will help local value-added products to reach out for global markets of health and wellness products, herbal and organic produce, nutritious food grains, etc

Finance Minister Nirmala Sitharaman (File image: Reuters)
Finance Minister Nirmala Sitharaman (File image: Reuters)

Prime Minister Narendra Modi, on May 12, spoke about being “vocal for local”. Taking that thought forward, Union Finance Minister Nirmala Sitharaman announced capacity-building measures for micro food enterprises (MFE) in India.

She said: "Aiming to implement PM's vision of ‘vocal for local' with global outreach, a scheme will be launched to help 2 lakh micro food enterprises."

A fund of Rs 10,000 crore has been earmarked to help farmers and agriculturists with branding and marketing of products that have nutritional content and is popular across the globe as healthy food alternatives. This will help local value-added products reach out for global markets of health and wellness products, herbal and organic produce, nutritious food grains, etc., the FM said.

The approach towards the execution of this scheme will essentially be cluster-based and it will benefit two lakh MFEs. For instance, since Bihar is known for producing makhana - a very popular healthy snack - the government scheme will help with branding and marketing the product, she added.

Highlighting how India produces several crops that have global consumer base FM Sitharaman also spoke about saffron grown in Kashmir, ragi and other gluten-free coarse grains grown in Karnataka, bamboo shoot and other organic fruits cultivated in the Northeast, turmeric in Telangana, etc.

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Commenting on the expected outcome of the Rs 10,000 package, the FM said that it will improve the health and safety standards of value-added products, thereby helping in its integration with retail markets and export of MFE products.

First Published on May 15, 2020 04:44 pm