"SUFALAM": Start-Up Conclave for Food Processing Inaugurated

Utkarsh Classes Last Updated 14-02-2024

"SUFALAM": Start-Up Conclave for Food Processing Inaugurated

Summit and Conference 4 min read

Union Minister of Food Processing Shri Pashupati Kumar Paras inaugurated "SUFALAM: Start-Up Forum for Aspiring Leaders and Mentors Startup Conclave 2024".

He emphasized the importance of events like SUFALAM, highlighting their potential to improve networking, facilitate knowledge sharing, and help startups take advantage of various government schemes.
He stated that this initiative demonstrates the government's unwavering dedication to fostering entrepreneurship and building a supportive ecosystem for startups, which in turn empowers aspiring entrepreneurs in the food processing industry.

About SUFALAM

The Startup Conclave for Food Processing Entrepreneurs has the potential to be a game-changing event, driving the sector towards a future marked by innovation, sustainability, and inclusive growth.
As startups come together to exhibit their creativity and foresight, the conclave acts as a source of inspiration, encouraging the upcoming generation of food processing leaders to push the limits of what's possible.

Food processing - 'A Sunrise sector'

India's food industry presents lucrative investment opportunities, driven by growth in the food retail sector, favorable economic policies and attractive fiscal incentives.
The Ministry of Food Processing Industries (MoFPI), under the Government of India, is taking all necessary steps to encourage investments in the food processing industry in the country..
Some of the initiatives include:
- The Pradhan Mantri Kisan Sampada Yojana (PMKSY) has been introduced to develop modern food processing infrastructure. It is a complete package which will create efficient supply chain management from farm gate to retail outlet.
- The Pradhan Mantri Formalisation of Micro Food Processing Enterprises Scheme (PMFME) is designed to enhance existing individual micro-enterprises in the unorganized segment of the food processing industry.
- The Production Linked Incentive Scheme for Food Processing Industry (PLISFPI) aims to boost domestic manufacturing, increase exports, and support food manufacturing.
- The government is striving to make India the Global Hub for 'Shree Anna' (Millets).
- In the food processing industries in India, 100% FDI is permitted under the automatic route.
- Additionally, through the government approval route, 100% FDI is allowed for trading, including through e-commerce in respect of food products manufactured or produced in India.