Prime Minister Narendra Modi on September 25 said India’s neo-middle class will drive the country’s food trend in the years ahead.
PM Modi said the neo-middle class represents the 25 crore people who came out of poverty in the last 10 years.
“In the past decade, 25 crore Indians have come out of poverty. They are part of neo-middle class, who are the most aspirational class. They will set the food trend of the country in the coming years,” he said during a World Food India 2025 programme held in New Delhi.
In the past 11 years, the gross value added (GVA) of food processing sector has risen from Rs 1.3 lakh crore in 2013-14 to Rs 2.24 lakh crore in 2023-24. The FDI in food processing sector has crossed Rs 53,000 crore in recent years, according to official data.
Modi said that India has been continuously contributing towards global food security. "In the past decade, we have significantly enhanced our food grain production. Today, world's 25% milk supply comes from India. We are the biggest producers of millets, and the second biggest of rice and wheat," he said.
He added that, in the past decade, India has seen a 20% rise in food processing capacity. And the exports of this sector has also doubled. "Many start-ups today are engaged in the food processing sector."
Going forward, we are aiming to increase processing of marine products, and of cold storage capacities, said the Prime Minister.
On GST reforms, Modi said that they have benefited the farmers and producers. "Poor and middle class will now pay less for consuming nutrition, as 90% of processed food products are today in 0% and 5% slabs."
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