Food processing industry to treble in coming years: Harsimrat Kaur

New Delhi, Sep 14 (KNN) On the back of higher economic growth and government initiatives like 100 per cent FDI in marketing of food items, India's food processing industry is expected to triple its growth in the coming years, said Union Minister Harsimrat Kaur Badal.

At present, the size of India's food processing industry is about Rs 1.5 lakh crore.

Speaking at an industry event, Badal said "Food processing industry will treble in the coming years... Retailers, processors and manufacturers will be the three key drivers for facilitating the growth story."

"Indian food market is ready for innovative food products, processes and investments," Badal said.

Minister said that her ministry is facilitating ease of doing business and creating investor friendly policies and schemes to give a boost to the sector.

She said the interest expressed by the overseas industry were a testimony to the fact that the world was looking at the Indian food industry as the food factory to the globe.

Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek said food processing has been identified as one of the 10 key sectors under Make in India initiative as it presents an attractive capital and technology investment opportunity for domestic and foreign investors.

He said the government's decision to permit 100 per cent FDI in trading, including through e-commerce, in respect of food products manufactured or produced in India is expected to provide a major impetus to investments, employment and job creation in the food processing sector. (KNN Bureau)