India is the biggest producer of milk in the world, standing second in rice, wheat, fish and vegetable output. The food sector has been growing at the rate of 12 per cent annually….reports Asian Lite News
Lulu Group Chairman Yusuf Ali MK among world’s top 50 industry leaders from 30 countries attended the first World Food India event at Vigyan Bhawan in New Delhi. Prime Minister Narendra Modi inaugurated the three-day event which aims to transform the food economy and realise the government’s vision of doubling famers’ income by establishing India as a preferred investment destination and sourcing-hub for the global food processing industry.
In terms of market size, the Indian food market was worth $193 billion in 2016 and is expected to cross $540 billion in 2020, officials said. The sector has been growing at the rate of 12 per cent annually.
“There is an immense potential for food processing and value addition in areas such as organic and fortified foods,” said Mr. Modi.
Mr Modi also talked about food processing as a practice that has been known to the country for ages, “simple, home-based techniques, such as fermentation, have resulted in the creation of our famous pickles, papads, chutneys and murabbas that excite both the elite and the masses across the world,” he said.
Mr. Modi also noted India as the biggest producer of milk in the world, standing second in rice, wheat, fish and vegetable output.
Union Finance Minister Mr. Arun Jaitley was also present on the occasion and suggested food industry to become one of the principal industries of the country in the years to come. “The farm to kitchen chain is going to change in India, like elsewhere, with increased agricultural production, better storage facilities, more food processing and changing consumer food preference,” Mr. Jaitley noted at the inaugural session of the World Food India 2017.
The leaders of top food processing and retail companies speak about India as an investment destination and the massive opportunities in its food economy. They share highlights of India’s steady economic growth, available resources, business-friendly policies, and large consumer market from their experience. They share their enthusiasm for this global event—an opportunity to network with stakeholders and industry leaders, and showcase India’s strength in food processing
The second largest producer of farm produce in the world and the third largest economy in terms of Purchasing Power Parity (PPP), is a promising place to be in. 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 economy is thriving. And we invite you to join this journey of growth
Meanwhile, another report says India has attracted investment commitments of about $10 billion in the food processing. Union Minister Harsimrat Kaur Badal said more investment is likely to be committed during the event.