On Friday, Prime Minister Narendra Modi announced that over the previous nine years, foreign direct investment (FDI) amounting to Rs 50,000 crore has been attracted to India’s food processing industry, which has become a “sunrise” industry.
At Bharat Mandapam in the nation’s capital, Modi was giving a speech at the second World Food India event. The final day of the three-day event is November 5.
“In the last nine years, FDI worth Rs 50,000 crore has come into the food processing sector. It is a result of the government’s pro-industry and pro-farmer policies, according to Modi.
According to him, the capacity for processing food at home has grown dramatically over the past nine years, and exports of processed food have increased by 150%.
The prime minister launched a “food street” as part of “World Food India 2023” and gave seed capital support to more than a lakh Self Help Groups (SHGs).
The celebration of 2023 as the International Year of Millets aims to highlight India as the world’s food basket. The international event was not able to be organized in the following years because of the COVID-19 pandemic, which took place during the first edition in 2017.
“Seed Capital Assistance” will assist SHGs in increasing their marketable prices through higher-quality manufacturing and better packaging. Union Minister of Food Processing Industries Pashupati Kumar Paras encouraged international investors to make investments in India in this field during his speech.
According to Union Commerce Minister Piyush Goyal, the Modi administration has strengthened the nation’s food processing industry and guaranteed the nation’s food security.
He outlined the development initiatives carried out by the national government over the previous nine years. Around 200 chefs will participate in the “Food Street,” which showcases regional cuisines and royal culinary heritage, and will feature traditional Indian cuisine.
Government agencies, business leaders, farmers, entrepreneurs, and other interested parties will have a forum to network, form alliances, and look into investment opportunities in the agri-food sector through World Food India.
CEO roundtables with an emphasis on investment and ease of doing business will also be held during the event. A number of pavilions have been erected to highlight the strength and inventiveness of the Indian food processing sector.
48 sessions covering various facets of the food processing industry will be held during the three-day event, with a focus on quality assurance, financial empowerment, and advancements in machinery and technology.
It is anticipated that attendees from more than 80 nations will include CEOs of well-known food processing businesses. ‘Reverse Buyer Seller Meet’ with more than 1,200 foreign buyers will be part of it.
A senior official in the ministry of food processing stated last month that during the second World Food India event, the food processing industry is probably going to draw in more than Rs 75,000 crore in investment. According to the official, out of the Rs 75,000 crore committed in the first edition, Rs 23,000 crore have come through.