PM Modi says Rs 50,000 crore FDI inflow in food processing sector over last nine years
THE JHARKHAND STORY DESK New Delhi, Nov 3: The food processing business in India has become a “sunrise” industry, according to…
Image: ET Government
THE JHARKHAND STORY DESK
New Delhi, Nov 3: The food processing business in India has become a “sunrise” industry, according to Prime Minister Narendra Modi, who stated on Friday that during the previous nine years, FDI has totaled Rs 50,000 crore.
Modi delivered a speech at the second edition of the World Food India held at Bharat Mandapam in the national capital. The three-day event is scheduled to wrap up on 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,” the PM said.
He mentioned that processed food exports have grown by 150 percent in the past nine years, and there has been substantial growth in the domestic processing capacity.
The Prime Minister inaugurated a ‘food street’ as a part of the ‘World Food India 2023’ event and distributed seed capital assistance to more than one lakh Self Help Groups (SHGs).
The objective of the event is to present India as the ‘world’s food basket’ and commemorate 2023 as the International Year of Millets. While the inaugural edition took place in 2017, subsequent international gatherings couldn’t be organized in consecutive years due to the impact of the COVID-19 pandemic.
Through better packaging and high-quality manufacturing, ‘Seed Capital Assistance’ will assist SHGs in realizing better prices in the market. During the event, Union Food Processing Industries Minister Pashupati Kumar Paras urged foreign investors to consider investment opportunities within the Indian food processing sector.
