- PRODUCTION LINKED INCENTIVE SCHEME FOR FOOD PROCESSING INDUSTRY
- ASIAN DEVELOPMENT BANK
- AYUSH 64
PRODUCTION LINKED INCENTIVE SCHEME FOR FOOD PROCESSING INDUSTRY
Focus: GS III- Agriculture
Why in news?
The Ministry of Food Processing Industries (MoFPI) has issued detailed operational scheme guidelines and has launched an online portal for ‘Production Linked Incentive Scheme for Food Processing Industry’(PLISFPI).
About Production Linked Incentive Scheme for Food Processing Industry (PLISFPI):
Nodal: Ministry of Food Processing Industry
It is a central sector scheme.
Objectives of the Scheme:
- The objectives of the Scheme are to support food manufacturing entities with stipulated minimum Sales and willing to make minimum stipulated investment for expansion of processing capacity and Branding abroad to incentivise emergence of strong Indian brands.
- Support creation of global food manufacturing champions;
- Strengthen select Indian brand of food products for global visibility and wider acceptance in the international markets;
- Increase employment opportunities of off-farm jobs,
- Ensuring remunerative prices of farm produce and higher income to farmers.
- The first component relates to incentivising manufacturing of four major food product segments viz. Ready to Cook/ Ready to Eat (RTC/ RTE) foods, Processed Fruits & Vegetables, Marine Products, Mozzarella Cheese.
- Innovative/ Organic products of SMEs including Free Range -Eggs, Poultry Meat, Egg Products in these segments are also covered under above component.
- The selected applicant will be required to undertake investment, as quoted in their Application (Subject to the prescribed minimum) in Plant & Machinery in the first two years i.e. in 2021-22 & 2022-23.
- Investment made in 2020-21 also to be counted for meeting the mandated investment.
- The conditions of stipulated Minimum Sales and mandated investment will not be applicable for entities selected for making innovative/ organic products.
- The second component relates to support for branding and marketing abroad to incentivise emergence of strong Indian brands.
- For promotion of Indian Brand abroad, the scheme envisages grant to the applicant entities for – in store Branding, shelf space renting and marketing.
- Scheme will be implemented over a six year period from 2021-22 to 2026-27.
Impact including employment generation potential:
- The implementation of the scheme would facilitate expansion of processing capacity to generate processed food output of Rs 33,494 crore and;
- Create employment for nearly 2.5 lakh persons by the year 2026-27.
ASIAN DEVELOPMENT BANK
Focus: GS II- International Groupings
Why in news?
- Union Minister for Finance and Corporate Affairs and Asian Development Bank’s (ADB) Governor for India participated in the Governor’s Seminar on “Cooperation for a Resilient Future”, held as part of ADB’s annual meeting 2021.
- Other participants included Japan, Georgia, China, Philippines and Netherlands.
- The virtual seminar was attended by delegates from 68 member nations of the ADB.
About Asian Development Bank (ADB):
- The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966 to promote social and economic development in Asia.
- It is headquartered in the city of Mandaluyong, Metro Manila, Philippines.
- The ADB was modeled closely on the World Bank and an official United Nations Observer.
- Japan holds the largest proportion of shares in ADB followed by the USA, and it has a weighted voting system where votes are distributed in proportion with members’ capital subscriptions (just like the World Bank).
- The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries.
- ADB defines itself as a social development organization that is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
- ADB aids in reducing poverty through investments in the form of loans, grants and information sharing (in infrastructure, health care services, financial and public administration systems), helping nations prepare for the impact of climate change or better manage their natural resources, as well as other areas.
Focus: GS II- Health
Why in news?
AYUSH 64 found useful in the treatment of mild to moderate COVID-19 infection
- In the middle of the havoc wreaked by second wave of the pandemic, AYUSH-64 has emerged as a ray of hope for the patients of mild and moderate COVID-19 infection.
- The scientists of reputed research institutions of the country have found that AYUSH 64, a poly herbal formulation developed by the Central Council for Research in Ayurvedic Sciences (CCRAS), Ministry of Ayush is useful in the treatment of asymptomatic, mild and moderate COVID-19 infection as an adjunct to standard care.
- It is worthwhile to mention that initially the drug was developed for Malaria in the year 1980 and now is repurposed for COVID-19.
- The Ministry of Ayush-Council of Scientific and Industrial Research (CSIR) collaboration has recently completed a robust multi-centre clinical trial to evaluate the safety and efficacy of AYUSH 64 in the management of mild to moderate COVID-19 patients.
- In all clinical studies, AYUSH 64 was found to be well tolerated and found clinically safe.