Ministry of Food Processing Industries17-March, 2017 16:51 IST
R&D in Food Processing Sector

Ministry of Food Processing Industries is implementing scheme for Research & Development in food processing sector. As per the scheme guidelines, Govt. organization/ Institutions/ Universities are eligible for 100% grant-in-aid for the cost of equipment, consumables and expenditure related to Junior Research Fellow/ Senior Research Fellow/ Research Associate and private organizations/ Institutions/ Universities are eligible for 50% grant-in-aid for the equipment cost in general areas and 70 % grant-in-aid in difficult areas for conducting such research activities. Number of R&D projects assisted and total grant-in-aid released during the last three years as well as current year are as under:-

(Rs. in lakh)

S. No.

Year

No. of New Projects approved during the year

Total Grant-in-Aid  released under R&D scheme (*)

1

2013-14

38

1097.73

2

2014-15

21

638.66

3

2015-16

23

613.37

4

2016-17

(upto 28.02.17)

Nil

312.80

           

Total

82

2662.56

 

(*) Amount indicated above also includes 2nd and 3rd instalment for on-going projects.

 

            Under Section 35 of the Income tax Act, there is provision for weighted deduction of 150% on capital and revenue expenditure incurred on in-house Research and Development by a company from Financial Year 2017-18 to Financial Year 2019-20. The deduction shall be restricted to 100% from Financial Year 2020-21 onwards.

 

            This information was given by the Minister of State for Food Processing Industries Sadhvi Niranjan Jyoti in a written reply in Rajya Sabha today.

 

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MJPS

 


(Release ID :159430)