NEW DELHI: The central government has cleared the joint food processing venture between the Punjab Agro Industries Corporation and the Pepsi Cola organization.
The move follows a series of decisions taken Sept 19 by the Cabinet committee on economic affairs to boost the food processing industry and augment rural income and employment. The clearance will also promote exports.
The Government is to allow the import of up to date technology and capital equipment in food processing, packaging and preservation. It will also allow foreign investors to cooperate with rural cooperatives for producing processed items for export and on a 100 percent buy back arrangement.
Incentives to encourage joint ventures abroad by Indian agro food industries, encouragement of foreign companies to market Indian products abroad and permission for joint ventures in deep sea fishing with experienced international companies are among the other important decisions taken by the Cabinet Committee.
A National Fisheries Board is also to be established. An “open sky policy” will be encouraged to allow airlines to land in India on their circular trips to transport processed foods.