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CM announces stepsto boost investment

india Updated: Jul 30, 2006 01:15 IST

CHIEF MINISTER Mulayam Singh Yadav on Saturday announced several steps to boost investment in the food processing sector.

Addressing the valedictory session of the two-day seminar the Chief Minister said, “Considering the rapid growth expected in the food processing sector, the government has decided to set up a Food Processing Directorate.”  The seminar titled ‘Strengthening of Food Processing & Marketing Facilities in UP’ was organized at the Hotel Taj Residency.

Announcing various sops being offered by the government to attract new investment in food processing sector, he said that all those units involving an investment of  Rs 50 crore or more would be offered the same incentives as being offered to industrial units with an investment of Rs 100 crore.

He said that the units set up with investments between Rs 10 to Rs 50 crore  (barring milling, flour mill, rice mill and dal mills) would be offered interest-free loans equivalent to the Central trade tax deposited by the entrepreneurs at 10 per cent interest rate.

“The government has also decided to offer agricultural status to the poultry and broiler production activities,” Yadav said. The other major announcements made by the Chief Minister were: Grant of  suitable infrastructure facilities for food processing units investing a minimum of Rs 1 crore but less than Rs 50 crore in a unit while utilising raw and perishable commodities for production purposes.

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