TPCI demanded pre-tax credits for the food and beverage industry.
New Delhi:
The Trade Promotion Council of India (TPCI) on Tuesday proposed to the government to announce incentives in the upcoming budget for activities such as branding and marketing of made in India products, setting up modern R&D labs and duty-free import of raw materials by SEZ. units with the aim of promoting the food and beverage industry.
It also demanded pre-tax credits for industry, and encouraged traceability institutions in the food supply system; grant for testing in the food sector, funds for setting up food and beverage engineering machinery factories; and interest subsidy scheme for SMEs.
“Looking at the great potential the agri and food sector has for the economy, this sector needs further momentum and renewed focus. The agri and food sector has shown resilient growth of over 20 percent sustainably despite difficult times,” UK Gauba, TPCI additional director general said in a statement.
Agro and food exports could reach $40 billion this fiscal year, he added.
He said expanding the capital support for setting up CODEX standard-based R&D labs in the country will help the sector.
Established in 1963, the Codex Alimentarius Commission (CAC) is an intergovernmental body established jointly by the Food and Agriculture Organization of the UN (FAO) and the World Health Organization (WHO), under the Joint Food Standards Program to protect of consumers’ health and ensuring fair practices in the food trade.
