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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Cyclone Fengal: Pondy govt issues heavy rain alert to residents via SMS
Puducherry (PTI): Puducherry experienced heavy rains on Saturday morning prompting the union territory administration to send SMS alerts to around 12 lakh residents cautioning them to remain vigilant as cyclonic storm Fengal is expected to make landfall near here later in the day.
District Collector A Kulothungan told PTI that all necessary steps have been taken to ensure that people remained safe.
"We have evacuated people from low lying areas and shelter homes are ready to accommodate them. Arrangements were also made to supply food packets," he said adding that National Disaster Relief Force from Arakonam has arrived to engage in relief and rehabilitation works.
According to the official, cyclone Fengal was expected to cross the coast in the evening. Control rooms have been opened in the collectorate and also in the line departments.
Toll free numbers 112, 1077 and also WhatsApp number 94889 81070 have been put in place to help people facing crisis to contact for help.
Cyclone Fengal is likely to cross between Karaikal and Mahabalipuram coasts close to Puducherry, official sources said. The government has advised people to stay indoors.
The entire stretch of beach road and also several tourist spots were closed to ensure that there was no movement of the people near the sea shore.
Schools and colleges remained closed today.
