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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Adequate LPG stock in Chhattisgarh, no need to panic, says CM Sai
Raipur (PTI): Amid reports of shortage of commercial LPG cylinder in several parts of the country due to the US-Israel-Iran conflict, Chhattisgarh Chief Minister Vishnu Deo Sai on Tuesday assured people that they need not worry about the availability of cooking gas in the state.
He asserted that adequate stock of LPG as well as petrol and diesel was available in the state.
Sai said in a statement that authorities have been directed to regularly monitor stock at gas agencies and keep a close watch on the supply chain. Necessary instructions were issued to officials in all districts to ensure a smooth supply of LPG.
The chief minister instructed officials to take strict action if any complaint of black marketing or hoarding of LPG cylinders is received.
Sai urged state residents not to pay attention to rumours and to book cooking gas cylinders as per their actual requirement.
The government was fully alert to ensure the availability of essential commodities to citizens, he emphasised.
Meanwhile, the Chhattisgarh Hotel and Restaurant Association has issued an advisory to hotels, restaurants, caterers and other food businesses across the state, urging them to maintain calm and avoid panic buying.
In the advisory, Taranjeet Singh Hora, president of the association, asked members to maintain coordination and immediately inform it about any major disruption in LPG supply.
He cautioned businesses against hoarding cylinders, saying such practices could worsen the situation for the entire hospitality sector.
The association advised hotels and restaurants to prioritise essential kitchen operations, core menu items and already committed banquet events.
Use electric cooking equipment wherever possible for emergency and staff kitchens such as induction cooktops, electric hot plates, electric rice cookers and kettles, the advisory stated.
