Today, February 1, 2025, the budget day for the country, Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2025-26. During her speech, she announced the establishment of the National Institute of Food Technology, Entrepreneurship, and Management (NIFTEM) to support food processing. 

"In line with our commitment towards Purvodaya, we will establish a National Institute of Food Technology, Entrepreneurship, and Management in Bihar," she said. The institute will provide a strong ground for food processing activities in the entire Eastern region, she added. 

The Purvodaya Scheme mentioned by the finance minister advocates the development of the Eastern Region. 

This, she said, will result in:
1. Enhanced income for the farmers through value addition to their produce.
2. Skilling entrepreneurship and employment opportunities for the youth.

NIFTEM is the brainchild of the Government of India and aims to provide a conducive ecosystem for education, research, industrial promotion, support, and entrepreneurship in the food processing sector. 

The National Institute of Food Technology Entrepreneurship and Management (NIFTEM) has been established in Sonepat, Haryana. The Ministry of Education (MOE) of the Government of India declared NIFTEM Sonepat an ‘Institution of National Importance’.

Focused on growth, sustainability, and fiscal discipline, this budget aims to align with the projection that India’s economy will grow from 6.3% to 6.8% in the financial year 2026. Additionally, it prioritises skill development, digital infrastructure, and innovation to change the Indian academic landscape.