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

Harishankar-Bahety

Too much tax, shortage of skilled talent are Indian footwear industry’s biggest challenges: Unistar founder HS Bahety

zomato uber eats swiggy

Zomato acquires Uber Eats for Rs 2,485 crores

MSMEs

GeM has processed orders worth ₹ 40,000 cr in GMV in last 3 years, 50% transacted by MSMEs

Day-after-Piyush Goyal snub-Jeff-Bezos

Day after Piyush Goyal snub, Amazon commits to create one million new jobs in India by 2025

Amazon's-$1-bn-investment-in-India-no-big-favour--Minister-of-Commerce-&-Industry

Amazon’s $1 bn investment in India no big favour: Piyush Goyal, Commerce & Industry Minister

Jeff Bezos India visit

Amazon CEO, Jeff Bezos bets on Indian century, invests $1 bn digitizing MSMEs

MSME loans

Piyush Goyal: CGTMSE, SIDBI to set up framework for faster processing of SME loans

GST

Nirmala Sitharaman: GST to be further simplified for traders

UK Sinha committee

Government invites stakeholder’s suggestion on National Technology Mission for MSMEs

Delhi-NCR-the-largest-start-up-ecosystem-in-India,-surpasses-Bangalore

Delhi-NCR the largest start-up ecosystem in India, surpasses Bangalore

Premium Organic Soaps- Contribution to the Community

Anant-Nahata

Public charging infrastructure will be key to electric vehicle success in India: Anant Nahata, MD, Exicom