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Government Aims to Triple Indian Food Industry’s Growth
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Government Aims to Triple Indian Food Industry’s Growth

Dec 24, 2009
Indian food market attracts both domestic players and foreign majors by offering enormous investment opportunities in various fields.
 
According to Shrijeet Mishra, Chairman, Food Processing Committee, Federation of Indian Chamber of Commerce and Industry (FICCI), from the current value of US$ 181 Billion, the Indian food industry is projected to touch US$ 258 Billion by FY 2015 and US$ 318 Billion by FY 2020, as per the news published by FoodBizDaily on November 27, 2009.
 
The country enjoys a favorable regulatory environment. Further, disposable incomes of the young consuming class of population are also growing, which is pushing demand for food. These factors support India to offer considerable opportunities to invest in the food and agri-business. This will largely benefit the country in coming years.
 
In terms of production, export, consumption and growth prospects, the Indian food processing industry is one of the largest in the world. The government aspires to make India the world’s food supplier by tripling the industry’s growth. Also, the government is working on the concept of mega food parks and agri-zones in an attempt to augment the food sector.
 
To execute the Food Parks Scheme, a total aid worth US$ 23 Million has so far been provided by the government. Moreover, till date, the government has approved 50 food parks across the country for assistance. The central government also plans to provide subsidy of US$ 22 Billion for these mega food-processing parks. Not only this, the government is planning to launch 4-5 mega food parks very soon. Above all, in order to facilitate smooth participation of private players, the government has also removed some anomalies.
 
According to “Indian Food and Drinks Market: Emerging Opportunities”, a RNCOS market research report, owing to the government’s efforts, the Indian food processing and agri-business sector is projected to grow by around 9-12% in coming years. Particularly, from the level of 4% in 2008, fruit and vegetable processing is anticipated to grow up to 10% by 2010 and to 25% in the next 15 years.
 
According to a Research Analyst at RNCOS, “The food market in India is very potential and lucrative for both domestic as well as foreign players who have their eyes set on India as their next destination to expand. India offers immense investment opportunities in various fields such as thermo processing, packaging and preservation of food with suitable refrigeration.”
 
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