PM Modi invites global leaders to invest in food processing sector
India is all set to host the World Food India event in the national capital today( 3rd Nov, 2017). The three-day conference is being organised by the Ministry of Food Processing Industries with an aim to transform country’s food economy, and the government is hoping to attract $10 billion over the next three years in the food processing sector.
This would be the first-ever World Food India 2017.
- Mr Modi pitched India as one of the fastest growing economies of the world today.
- The Prime Minister listed out initiatives of the government in the food processing sector, such as allowing 100 per cent foreign direct investment in trading, including through e-commerce, of food products manufactured or produced, single-window facilitation cell, attractive fiscal incentives and easy credit.
- He said India’s strong agricultural base provides a solid launchpad to create a vibrant food processing sector. He emphasised that the vast consumer base, rising incomes, favourable investment climate and a government dedicated to ease of doing business make India the right place for the global food processing fraternity.
- Mr Modi also highlighted combining traditional Indian food with modern technology, processing and packaging that can help the world rediscover health benefits and refreshing taste of food ingredients such as turmeric, ginger and tulsi.
What would government do with investments?
The government is planning to reduce agricultural waste by revolutionising the food processing industry over a period of India.
The country wasted food worth Rs 92,000 crore every year, which makes up about 40% of total production.
What food processing is?
- Food processing is transforming cooked or perishable food ingredients, by physical or chemical processes, to make it marketable and for longer usage.
- Food processing makes the food into products that easily prepared and served by the consumer. Food processing typically involves activities such as mincing and macerating, liquefaction, emulsification, cooking, pickling, pasteurization, preservation and canning.
How it will help India?
- India allows 100% Foreign Direct Investment (FDI) in food processing industry. Of the expected $10 billion investment, Rs 65,000 crore private investment has already been committed.
- The investments will be used to build food processing industries in the country, which will subsequently build synergy between farmer, consumer and industry.
About World Food India
A global event to facilitate partnerships between Indian and international businesses and investors, World Food India (WFI) is a gateway to the Indian food economy and an opportunity to showcase, connect, and collaborate.
Organized by the Ministry of Food Processing Industries, Government of India, WFI will be the largest gathering of investors, manufacturers, producers, food processors, policy makers, and organizations from the global food ecosystem.
It aims to provides opportunities for both investment and trade in the food processing sector for leading Indian and international companies. Encompassing the entire food spectrum from production to consumption, WFI is looking at creating a better sourcing environment, thereby enabling higher returns for farmers, creating employment, and fostering entrepreneurship.
With a massive food market that is fast-expanding, exciting growth in the retail sector, and attractive economic policies and fiscal incentives, India’s food ecosystem is the place to be in.
Join in transforming the food economy by leveraging opportunities along the food value chain.
- Among fastest growing economies in the world
- Largest producer of several agri commodities
- 1.3 Billion consumers with increasing demand for branded food
- 4th largest economy in terms of purchasing parity
- Proactive government policies with attractive fiscal incentives
- Significant investments in world class ports, logistics and supply chain infrastructure
- Rich demographic dividend with high focus on skill development, availability of skilled personnel
- Opportunity for investors across the food processing supply chain