The Cabinet Committee on Economic Affairs, CCEA has approved the renaming of the new Central Sector Scheme – SAMPADA (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters) as Pradhan Mantri Kisan Sampada Yojana (PMKSY) for the period of 2016-20 coterminous with the 14th Finance Commission cycle.<br/><br/>Earlier, the CCEA in its meeting in May this year had approved the SAMPADA with same allocation and period.<br/><br/>The objective of the scheme is to supplement agriculture, modernize processing and decrease Agri-Waste. Pradhan Mantri Kisan Sampada Yojana with an allocation of 6 thousand crore rupees is expected to leverage investment of 31,400 crore rupees, handling of 334 lakh MT agro-produce valuing 1 lakh 4 thousand 125 crore rupees, benefit 20 lakh farmers and generate over 5 lakh 30 thousand direct or indirect employment in the country by the year 2019-20.<br/><br/>The implementation of PMKSY will result in creation of modern infrastructure with efficient supply chain management from farm gate to retail outlet. It will also provide a big boost to the growth of food processing sector in the country. It will help in providing better prices to farmers and is a big step towards doubling of farmers' income.