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Wednesday, May 22, 2024
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India a preferred investment destination in Food Processing sector, says PM

New Delhi: Showcasing the big picture, Prime Minister Narendra Modi said India is today
one of the fastest growing economies of the world. The Goods and Services Tax has
eliminated the multiplicity of taxes. India has jumped thirty ranks this year, in the World
Bank Doing Business rankings – the highest ever improvement for India, and the highest
jump for any country this year. India was ranked number one in the world in 2016 in
greenfield investment. India is also rapidly progressing on the Global Innovation Index,
Global Logistics Index and Global Competitiveness Index.

He emphasized that starting a new business in India is now easier than ever before.
Procedures for obtaining clearances from various agencies have been simplified. Archaic
laws have been repealed, and the burden of compliances has been reduced.

PM noted that Private sector participation has been increasing in many segments of
the value chain. However, more investment is required in contract farming, raw material
sourcing and creating agri linkages. Many international companies in India have taken a lead
in contract farming initiatives. Shri Modi pointed out that there exists a clear opportunity for
global supermarket chains considering India as a major outsourcing hub.

PM added that “The combination of traditional Indian food, with modern technology,
processing, and packaging, can help the world rediscover the health benefits, and refreshing
taste of Indian food ingredients such as turmeric, ginger, and Tulsi, to name just a few. The
perfect blend of hygienic, nutritious and tasty processed food, with the added benefits of
preventive health care, can be produced economically in India.”

After the inaugural, the Prime Minister visited the exhibition area – the specially
curated Food Street by Chef Sanjeev Kapoor. Food Street is a lively vibrant zone to showcase
Indian and foreign cuisines using Indian ingredients, flavors, and fragrances. An exhibition
spread over 40,000 sq meters in lawns of India Gate has been mounted where more than 800
global companies representing 22 Countries & domestic companies are exhibiting their
strengths in Food Processing sector. Ministry of Food Processing Industries’ Theme Pavilion
provides an overview of India’s offering to the world in terms of products, geo-mapping of
product availability and mega food parks.