Indian food industry is going to pop up!!!
- India’s food processing sector has the potential to attract USD 33 billion (about Rs 2.14 lakh crore) in investments by 2024, says a study released here today.
- There is a huge scope for large investments in food processing technologies, skill development and equipment as total food production in India is estimated to double in next 10 years, said the joint study by Indian industry body Assocham and Chicago-based professional services firm Grant Thornton.
- While the sector provides opportunity for growth, it needs to focus on product conformity with global standards and quality together with factors like logistics traceability and safety, quality of packaging and delivery, said the study.
- Fast growth in food processing and simultaneous improvement in the development of value chain are of great importance to achieve favourable terms of trade for India’s agriculture sector both in domestic and international markets.
- Given the trade in production of food commodities, the food processing industry in India is on an assured track of growth and profitability. Even marginal reductions in post-harvest losses of fruits and vegetables, which are at about 25-30 per cent, will give better returns and improve farmers’ incomes.