Food processing industry may attract USD 18 billion investment in next 4 years

India’s food processing industry could attract an investment of USD 18 billion in the next four years as this sector […]

   

India’s food processing industry could attract an investment of USD 18 billion in the next four years as this sector provides great business opportunity with an annual growth rate of over eight per cent, a top government official on Wednesday said. Addressing a PHD chamber conference, food processing secretary J P Meena said that the food processing sector has a great future and can generate huge employment opportunities, besides increasing farmers’ income. He mentioned that the government received an investment committment of USD 12.5 billion in the food processing sector during the world food India event held last month in New Delhi. That apart, Meena said that the government has launched a Rs 6,000 crore SAMPADA scheme to boost food processing sector and this programme would attract an investment of Rs 31,000 crore or USD 5 billion. “If these commitments are grounded, we will have an investment of USD 18 billion over the next 3-4 years which is a huge investment,” the secretary said. Meena said that the ministry’s emphasis is to connect food processing industries to production centres and farmers. The secretary expressed concern that farmers’ income and their living standards have not improved even as production has increased over the years. Meena said that the food processing sector could play an important role in increasing farmers’ income, but to achieve this, there is a need to connect farmers’ demand for raw material with processing units. He said that the country imports many fruits and vegetables even as there is enough domestic supply as processing units do not get varieties and quality they need. “There is a great future for food processing. But we will have to connect with farmers. If we are able to do this, this will be a win-win situation for both farmers and processors,” Meena said. He said that the government would soon launch a scheme to set up mini food parks across the country. Under this scheme, grant up to Rs 10 crore would be provided.





Trending

RAI

RAI requests RBI to implement a three-month moratorium on loans

Coronavirus trade impact

Covid-19 Economic Impact: Government extends foreign trade policy for one year

Coronavirus tax

Covid 19 Economic Impact : Finance Ministry issues Taxation and other Laws Ordinance, 2020

Coronavirus MSME

Covid-19 Economic Impact: Tamil Nadu CM announces concessions for MSME units, farmers

Coronavirus sanitizer industry

Covid-19 Impact: Chemical manufacturers brace for drop in revenues

medical kits

MSME ministry: Inform govt if you are dealing with products required to fight Covid-19

Schemes

COVID-19: Companies fresh start & LLP settlement scheme to provide relief

commerce ministry

Lockdown Impact: Commerce ministry provides relaxations in filing compliance report to SEZs

RBI Covid-Measure-Industry Reactions

Industry Reacts positively on RBI’s announcement to counter COVID-19 impact on economy

Srinivas-Rao-Mahankali

“Nothing in our lifetimes has prepared us for a situation like this”: M. Srinivas Rao, CEO, Global Alliance for Mass Entrepreneurship

coronavirus lockdown

Cabinet Secretary: No plan of extending coronavirus lockdown

invest india

Over 1.75 Lakh people visit business immunity platform website in a week