While presenting the annual budget for 2017, India’s minister for finance, Arun Jaitley, announced the setting up of a Dairy Processing and Infrastructure Fund through the National Bank for Agriculture and Rural Development. The fund corpus of $1.2 billion will be disbursed over a period of three years, starting with $296 million for the first year.
According to India’s National Dairy Development Board, milk production in India is rising and collaterally so is dairy consumption. An average of 18.5% of the monthly budget for food is spent on dairy products in the rural areas, while in urban areas the average is 20.25%, says the Dairy Reporter.
