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  • Budget reaction quote from Mr. Mithun Appaiah, CEO- Innovative Foods Limited, Brand Sumeru

    Published on July 5, 2019

     Mr. Mithun Appaiah, CEO- Innovative Foods Limited, Brand Sumeru.

    “It is a very good step by the government where they are increasing farmers’ income by promoting food processing and farm exports besides addressing certain taxation issues. There is a need to promote food processing and allied farm activities like animal husbandry, fishery and poultry.

    The initiative on supporting private entrepreneurs which will drive a value-addition to farmers produce and for those from allied activities, is a welcome step which will also benefit the F&B industry.

    One of the initiatives which could have been taken by the government was to provide subsidies or incentives to exporters for advertising their products by around 50 per cent that would help them proliferate their exports. Expanding cold chains, food parks and warehouse especially in hilly states would also help the food companies to expand their businesses along with employment opportunities.

    The proposal where funds raised by start-ups doesn’t require scrutiny from Income Tax Department is also a boost to the startup community. E-verification mechanism for establishing identity of the investor and source of funds will help the budding entrepreneurs.”