India's food processing sector has emerged as a "sunrise" industry and has attracted Rs 50,000 crore in foreign direct investment (FDI) over the past nine years, Prime Minister Narendra Modi said on November 3.
He was addressing the second edition of World Food India at Bharat Mandapam in Delhi. The three-day event will conclude 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,” Modi said.
The prime minister said processed food export has also increased by 150 percent during this period and the domestic processing capacity has increased greatly too.
PM Modi disbursed seed capital assistance to over one lakh Self Help Groups (SHGs) and inaugurated a 'food street' as part of 'World Food India 2023'. 'Seed Capital Assistance' will help SHGs gain better price realisation in the market through improved packaging and quality manufacturing. The event aims to showcase India as the food basket of the world and celebrate 2023 as the International Year of Millets.
At the event, Union Food Processing Industries Minister Pashupati Kumar Paras urged foreign investors to invest in this sector and Union Commerce Minister Piyush Goyal highlighted how the Modi government has provided a boost to the food processing sector.
Notably, World Food India will provide a networking and business 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.
During the event, CEO roundtables will also take place with a focus on investment and ease of doing business. Various pavilions have been set up to showcase the innovation and strength of the Indian food processing industry. The three-day event will host 48 sessions focusing on various aspects of the food processing industry, with an emphasis on financial empowerment, quality assurance, and innovations in machinery and technology.
The event is expected to host participants from over 80 countries, including CEOs of prominent food processing companies. It will feature a 'Reverse Buyer Seller Meet', with over 1,200 overseas buyers.
Last month, a senior food processing ministry official said the food processing sector is likely to attract more than Rs 75,000 crore investment during the second edition of World Food India.
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