Sunrise food processing sector got Rs 50,000 cr worth FDI in last 9 years: PM

Indias sunrise food processing sector has attracted Rs 50000 crore FDI in the last nine years Prime Minister Narendra Modi said on Friday as he stressed on reducing postharvest losses and food wastageHe also said Indias food processing capacity has witnessed significant growth in the last nine years leading to 150 per cent growth in exports of processed foodThe capacity of the food processing sector too has increased from a meagre 12 lakh tonne to over 200 lakh tonneHe also spoke on benefits of consumption of millets and pitched for diversification of the food basket in the public distribution systemModi was addressing the second edition of World Food India at Bharat Mandapam in the national capital The threeday event will conclude on November 5More than 80 countries 200 speakers and 12 partner ministries departments and commodity boards are scheduled to take part in the eventThe 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 2023The 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 COVID19 pandemicIn the last nine years the sector has attracted FDI of Rs 50000 crore This happened because of the governments proindustry and profarmer policies Modi saidHe highlighted some of the measures like production linked incentive PLI scheme and establishment of mega food parks which his government has taken towards further development of the food processing sectorModi also said investments of about Rs 50000 crore has been made to set up postcrop harvest related infrastructure projects under a central scheme Agri Infra FundGovernments investorfriendly policies are taking India to new heights In the last nine years the share of export of processed foods in the total agriculture exports has increased from 13 per cent to 23 per cent he saidThe prime minister also said women in India have the natural ability to lead the food processing industryHe further said Indias sustainable food culture has evolved over thousands of years and ancestors linked food habits to AyurvedaMitigating food wastage is a significant endeavour in realising the objective of sustainable lifestyle Our products should be designed to minimise wastage he saidHe also informed the gathering that delegates at G20 meetings relished the milletbased foodHe said millets are a key component of the superfood bucket and called for diversification in the food basket of the countrys public distribution systemI am confident millets will reach every corner of the world Many companies are launching milletbased products There is a need to create a collective roadmap to enhance the share of millets in the overall food basket he saidThe government provides nutritional food to more than 10 crore children and pregnant women in the countryNow is the time to diversify the food basket of the public distribution Modi saidTalking about the importance of this global event he said amid changing world situation food security is one of the key challenges facing the 21st century and therefore the 3day World Food India is importantBefore his address the prime minister disbursed seed capital assistance of Rs 380 crore to over one lakh SHG members under PM Formalisation of Micro Food Processing Enterprises SchemeThe seed capital assistance will help SHGs gain better price realisation in the market through improved packaging and quality manufacturingSpeaking on the occasion Union Food Processing Industries Minister Pashupati Kumar Paras urged foreign investors to invest in India in this sectorUnion Commerce Minister Piyush Goyal said the Modi government has ensured food security of the country and also provided a boost to the food processing sectorMinister of Rural Development Giriraj Singh and Minister of State for Food Processing Prahlad Singh Patel were also presentWorld 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 agrifood sectorDuring the event CEOs roundtables will also take place with 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 industryThe threeday 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 technologyThe 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 1200 overseas buyersLast month a senior food processing ministry official said the food processing sector is likely to attract more than Rs 75000 crore investment during the second edition of World Food India In the first edition Rs 75000 crore was committed out of which Rs 23000 crore has come the official addedThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever