In early November 2017, the Union Ministry of Food Processing Industries (MoFPI) with success organized the world Food India 2017 in New Delhi. The 3-day long event showcased India’s potential to become the ‘World Food Factory’ to the participating countries and therefore the leading multinational firms like pepsi Co, Nestle, Cargill, etc. throughout the event, a business worth USD 11.25 Billion with 50 MoUs has been transacted between the MoFPI and the private sector. Considerably, numerous State governments conjointly signed a further USD a pair of.5 Billion worth MoUs at this event.
As per an estimate, India’s current food processing industry is calculable at USD 130 Billion and expected to draw in immense domestic and foreign investment. A number of the key factors that are doubtless to extend the demand for processed food and consequently the food processing industry within the coming years are -
• India is a country of over 1.25 billion population. With rising socio-economic class having a substantial income, the domestic market offers 1.25 billion opportunities for the sector.
• India ranks number one in the world within the production of milk, ghee, ginger, bananas, guavas, papayas and mangoes. Further, India ranks number 2 in the world in the production of rice, wheat and several other vegetables & fruits. If the excess production of cereals, fruits, vegetables, milk, fish, meat and poultry, etc are processed and marketed both inside and out of doors the country, there will be bigger opportunities for the expansion of the sector.
• Due to rapid urbanization, food habits are changing quickly towards value-added foods. The amendment is accentuated by the very fact that over 65th of India’s population is thirty-five or below, UN agency is inclined to possess processed food.
• Next, to China, India is among the quickest growing economies within the world. The recent quantum jump in the ease of doing business ranking of the World Bank (from 130 to 100) indicates the conducive business climate within the country and expected to draw in foreign investment into this sector.
• As per an estimate, around 40 per cent of total food production is wasted because of the inadequate facilities for transportation, storage, process and selling. If these deficiencies are addressed, there's an enormous scope for the development of the sector.
To take advantage of the on top of mentioned factors, the govt. has initiated the subsequent measures for the event of the food process sector.
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