100 percent FDI in food processing is an excellent move: Food Processing Industry

New Delhi, Feb 29 (KNN) With a view to give an extra boost to the agrarian sector, Finance Minister Arun Jaitley relaxed the FDI regulation in the food processing industry and announced a 100% FDI through FIPB route. The food processing Industry hailed the move by calling it excellent step.

Talking to KNN, the President of All India Food Processors’ Association Amit Dhanuka said that allowed Foreign Direct Investment (FDI)  in food processing is an excellent step.

However, he said that the budget is more focused on Agricultural sector.

He said the villages are going to be benefitted by all these steps.

When asked about threat to local industries after coming FDI, he denied the fact and called it just a perception.

The Finance Minister while presenting his third Union Budget said, “Our foreign direct investment (FDI) policy has to address the requirements of farmers and food processing industry. A lot of fruits and vegetables grown by our farmers either do not fetch the right prices or fail to reach the markets. Food processing industry and trade should be more efficient. 100% FDI will be allowed through Foreign Investment Promotion Board (FIPB) route in marketing of food products produced and manufactured in India.” (KNN Bureau)