New Delhi, Nov 3: Prime Minister Narendra Modi declared India’s food processing sector as a “sunrise” industry that has successfully attracted Rs 50,000 crore in foreign direct investment (FDI) over the past nine years. He made this announcement during his address at the second edition of World Food India, held at Bharat Mandapam in the national capital. The three-day event will conclude on November 5.
Modi attributed this FDI achievement to the Indian government’s pro-industry and pro-farmer policies. He noted that processed food exports have surged by 150% in the past nine years, and the country’s domestic processing capacity has significantly increased during this period.
As part of the World Food India 2023 event, the Prime Minister also distributed seed capital assistance to over one lakh Self Help Groups (SHGs) and inaugurated a “food street” that showcases traditional Indian cuisine. The event’s goal is to portray India as the “food basket of the world” and celebrate 2023 as the International Year of Millets.
The “Seed Capital Assistance” initiative aims to help SHGs achieve better price realization in the market through enhanced packaging and improved manufacturing quality. Union Food Processing Industries Minister Pashupati Kumar Paras urged foreign investors to invest in India’s food processing sector during his address at the event.
Union Commerce Minister Piyush Goyal highlighted the Indian government’s work in ensuring food security and boosting the food processing sector. The event also includes various pavilions showcasing the innovation and strength of India’s food processing industry.
World Food India offers a platform for government bodies, industry professionals, farmers, entrepreneurs, and other stakeholders to engage in discussions, establish partnerships, and explore investment opportunities in the agri-food sector. The three-day event will host 48 sessions focused on various aspects of the food processing industry, emphasizing financial empowerment, quality assurance, and innovations in machinery and technology.
Participating in the event will be representatives from over 80 countries, including CEOs of prominent food processing companies. The event will also feature a “Reverse Buyer Seller Meet,” with over 1,200 overseas buyers.
Last month, a senior official from the food processing ministry projected that the sector would likely attract more than Rs 75,000 crore in investment during the second edition of World Food India. In the first edition, commitments of Rs 75,000 crore were made, with Rs 23,000 crore already invested, the official said.
