Live
- BJP demands removal of ‘biased’, ‘incompetent’ officers
- Prof Vani takes charge as Dean in SPMVV
- My Dear Donga: trailer get grand launched
- Supreme Court reserves verdict
- Poll battle begins
- Phase 1 polls in 102 seats across 21 states today
- 39 candidates file papers on Day 1
- ED arrests AAP MLA Amanatullah Khan in Waqf Board appointment scam
- LS polls: Union Minister Bhagwanth Khuba, Dingaleshwara seer, Priyanka Jarkiholi file nominations in K'taka
- Amid show of strength, Congress’ Praniti Shinde files nomination from Solapur
Just In
The entire Indian agriculture value chain is set to change drastically and food processing is going to be one of the main industries of the country in the future, Finance Minister Arun Jaitley said on Friday.
New Delhi: The entire Indian agriculture value chain is set to change drastically and food processing is going to be one of the main industries of the country in the future, Finance Minister Arun Jaitley said on Friday.
"The farm to kitchen chain is going to change in India, like elsewhere, with increased agricultural production, better storage facilities, more food processing and changing consumer food preference," Jaitley said at the inaugural session of the World Food India 2017 here.
"Food processing is going to be one of the principal industries of India in future, and an entrepreneur in 2017 should think of the industry from the perspective of where it will be in 2040, 2050," he said.
In terms of market size, the Indian food market was worth $193 billion in 2016 and is expected to cross $540 billion in 2020, officials said here. The sector has been growing at the rate of 12 per cent annually.
"There is a silent revolution ongoing in India. There is an expanding middle class and below that there is a growing aspirational class, which is building up reasonable purchasing power," the Finance Minister said, noting that this provided an enormous potential market for food products in the country.
About the potential, Food Processing Minister Harsimrat Kaur Badal said that only about 10 per cent of agricultural produce is processed in the country, leading to a lot of wastage.
The industry enjoys many fiscal incentives, including preferential credit under priority sector lending, she said.
"There is 100 per cent FDI (foreign direct investment) allowed into the sector through the automatic route and we have seen inflows increase 40 per cent over the last year," she said.
"The proposal for a Food Processing Bank is also under active consideration."
In the presence of delegates from many countries, the event was inaugurated earlier by Prime Minister Narendra Modi, who pointed out that India is the biggest producer of milk in the world and the second in rice, wheat, fish and vegetable output.
© 2024 Hyderabad Media House Limited/The Hans India. All rights reserved. Powered by hocalwire.com