Prime Minister Narendra Modi on Friday said India’s food processing sector has emerged as a “sunrise” industry and has attracted Rs 50,000 crore in foreign direct investment (FDI) in the past nine years.
Modi was addressing the second edition of World Food India at Bharat Mandapam in the national capital. 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.
He said export of processed food has increased 150 per cent in the last nine years and the domestic processing capacity has increased significantly.
The prime minister disbursed seed capital assistance to over one lakh Self Help Groups (SHGs) and inaugurated a ’food street’ as part of ‘World Food India 2023’. The event aims to showcase India as food basket of the world’ and celebrate 2023 as International Year of Millets. The first edition was held in 2017, but in consecutive years the international event could not be organised due to the COVID-19 pandemic.
‘Seed Capital Assistance’ will help SHGs gain better price realisation in the market through improved packaging and quality manufacturing. Addressing the event, Union Food Processing Industries Minister Pashupati Kumar Paras urged foreign investors to invest in India in this sector.
Union Commerce Minister Piyush Goyal said the Modi government has ensured food security of the country and also provided a boost to the food processing sector.