Economy

Mega food fair attracts investment worth 19 bn dollars

Mega food fair attracts investment worth 19 bn dollars”

The three-day long food fiesta - World Food India - that saw investors, corporates and experts from the food processing industry come together, concluded on Sunday with President Ram Nath Kovind highlighting its potential to create employment opportunities for women in rural areas. This was the first time that India hosted such an event for the food processing sector to strengthen its position as a global food factory. "It has been the Kumbh Mela of Indian food".

"I happy to share 50 MoUs were signed worth $11.25 billion, which is close to Rs 74,000 crore.Along with what the ministry is going to spend on infrastructure, I am happy to announce $18.84 billion investment been signed", Badal said at the concluding session of the World Food India event organised by the government along with the industry body CII.

He further said that India's food consumption is now valued at United States $370 billion and is expected to reach $1 trillion by 2025, in less than a decade and food industry could be a huge employer in coming years.

Y.S. Prasad, CEO of the state Industry Departments' Food Processing Society, said the government had planned 12 food parks in addition to the Central government's plan of 42 such parks across the country.

An official from Council of Danish Industry said companies had showcased their expertise in building infrastructure for food processing sector including cold chain. It is also noteworthy that women are deeply involved in the food sector.

Of which, about 2.5 billion dollar worth of MoUs have been signed between state governments and stakeholders.

Through this commitment, Yes Bank (Q,N,C,F)* will enable total investment of Rs 40 billion of investment in food processing by leveraging Rs 10 billion of lending to projects in Farm to Fork value-chain, with special focus on projects under Pradhan Mantri Kisan SAMPADA Yojana.

Kuldeep Bera of Assam Dairy Cooperative Society said the conference was going to help them convincing farmers benefits of food processing. "Barely 10 percent of food is processed, which opens up opportunities for food processing in the country which would in turn help reduce wastage of food", Badal said.



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