Food processing to get at least $10 billion FDI in 2-3 yrs: Badal

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The food processing sector will attract investments worth at least USD 10 billion in the coming two to three years, riding on reforms initiated by the government, Union minister Harsimrat Kaur Badal said today. "I estimate that over the next 2-3 years there should at least be a 10 billion dollar investment in the food processing sector in India," Badal told PTI.

She was speaking on the sidelines of the India Economic Summit organised by the World Economic Forum in partnership with CII here.

The minister said foreign direct investment (FDI) in the country's food processing sector has risen by 40 percent since last year.

"There has been a 40 percent increase in the inflow of FDI to the food processing sector from last year to this year. In fact the first two months of this financial year (April- May) there's already been a USD 200 million inflow," she said.

Talking about the upcoming World Food India conference which is scheduled to take place here between November 3-5, the Food Processing Minister said: "After World Food India we are suddenly going to see in the next few years this (FDI) move into much bigger figures because the government has been focusing on creating that infrastructure over the last three years, we have created an environment, brought out policies and programmes".

She said the platform is ready for joint ventures to take place as India has a raw material base as well as consumption and marketing base to offer to companies that are looking for new markets.