NBFC for food processing likely this year: Minister
Kolkata, July 13 : Union Food Processing Industries Minister Harsimrat Kaur Badal on Friday said the request for proposal (RFP) for the non-banking financial company (NBFC) exclusively catering to the financial needs of the food processing sector would be floated this month and the NBFC would possibly be operational by the end of this year.
According to her, investment worth close to Rs 2,000 crore would possibly be pumped in for the setting up of the NBFC, which is likely to be named Agro-Processing Financial Institution.
"The RFP is supposed to be floated this month and I had a meeting with the Finance Ministry yesterday (Thursday) for some clarification on expenditure. There is a lot of interest from the private sector not only nationally but also globally (to invest in the entity). We are looking at an investment of Rs 2,000 crore. We are putting seed money of about 20 per cent," she said.
There is a huge growth potential in the sector. However access to bank funds has been difficult because the banks fail to understand the risk assessment for the sector, she said on the sidelines of an interactive session on food processing industry organised by the Indian Chamber of Commerce here.
"The growth potential is huge but banks have refused to finance the way we would have wanted them to as they do not fully understand the risk assessment," she said.
According to her, there have been 'hardly any proposals' from the food processing industry in West Bengal under the several Central government schemes.
"Many proposals from the states of Maharashtra, Gujarat, Andhra Pradesh, Karnataka and others are coming in but I do not recollect any from Bengal," she added.
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U-19 Asia Cup: Suryavanshi disappoints as India lose to Pakistan by 43 runs
Dubai, Nov 30: Teen prodigy Vaibhav Suryavanshi's struggles against seam bowling was apparent during his brief stay as India U-19 comprising IPL contract owners struggled badly during their 43-run defeat to Pakistan in the Youth Asia Cup here on Saturday.
After muscular left-hander Shahzaib Khan thrashed Indian bowlers to submission with 10 sixes in his 159 off 147 balls, Indians were never in sight of victory target of 282.
They eventually got out for 238 in 47.1 overs but rising youngsters like Suryavanshi (1), Ayush Mhatre (20), C Andre Siddarth (15) and left-arm spinner Hardik Raj (0/47 in 6 overs) won't be amused with their performance.
However it must be mentioned that Mhatre with his touch and range looked a cut above the rest in the Indian team as he got out for 20 which had five boundaries.
The bulky left-hander Suryavanshi, who has had a very poor Ranji season, just got a solitary run as tall medium pacers Ali Raza and Abdul Subhan troubled him a lot.
Lot is expected of the Rajasthan Royals' Rs 1.10-crore signing but at 13 year and 8 months, he needs a lot of work to be even consistent at U-19 international level.
Subhan squared up Mhatre with a delivery that rose from length and moved a shade to take his outside edge, while Suryavanshi' feet didn't move when Raza slipped an angular fuller ball that he edged to the keeper.
The biggest disappointment turned out to be skipper Mohammed Amman, who dragged his way to 16 of 43 balls and his innings was one of the reasons that India U-19 couldn't really get the momentum once Mhatre was gone.
Nikhil Kumar's 67 was the only saving grace.
In the bowling department, India depended on their two spinners -- leg-spinner Mohammed Ennan (0/34 in 2 overs) and Raj, and both were taken to task by Shahzaib.
Especially Ennan, who either bowled half-trackers or over-pitched deliveries, all of which were dispatched into the stands.
In fact, Mhatre (2/30 in 7 overs) had to be brought in to cover for him and promptly got a couple of wickets, but Shahzaib had done enough damage and 280-plus was a winning total at the U-19 level.
Brief Scores
Pakistan U-19: 281/7; 50 overs (Shahzaib Khan 159; Samarth Nagraj 3/45, Ayush Mhatre 2/30)
India 238; 47.1 overs (Nikhil Kumar 67, Ayush Mhatre 20, C Andre Siddarth 15, Vaibhav Suryavanshi 1).
