Mumbai: The cabinet committee on economic affairs (CCEA) has approved two schemes for a total of Rs429 crore aimed at giving a push to export of agricultural and processed foods from the country.
While Rs229 crore is being allotted for infrastructure development, Rs200 crore will be spent on transport assistance under the 11th plan.
The Agricultural & Processed Food Products Export Development Authority (APEDA) will be the nodal agency for implementing the two schemes.
The government expects exports of APEDA-monitored products to go up from the current Rs21,150 crore to Rs36,510 crore in the next five years – growing at a compounded annual growth rate of 11.5 per cent.
"After two years of operation of the scheme, a comprehensive study will be done to assess its impact," official sources said after the CCEA meeting.
The two schemes would also improve the competitiveness of Indian agricultural products in the international markets, the official said.
The CCEA also approved the final draft on issues relating to market access and rules of origin for the third round of global system of trade preferences (GSTP) during the ministerial meeting later this month in Ghana.
This is expected to promote trade and economic cooperation among the members of the GSTP and provide greater market access to India.