Food Processing Industry is one of the largest industries in India, with enormous potential for better-growth and socio-economic impact. With growing investments, technical innovation and infrastructure for agriculture sector, India is making impressive strides and could soon well-become the food basket of the world.
• Is the largest producer of milk, fruits, pulses, cashew nuts, coconuts and tea in the world.
• Accounts for 10% of the world fruit production.
• 100% FDI permitted through FIPB (Foreign Investment Promotion Board) route for marketing of food products produced and manufactured in India.
• FDI norms relaxed for Food Processing sector, facilitating 100% FDI in food product e-commerce through automatic route.
• Increasing Investment by the Food Safety & Standards Authority of India (FSSAI) to strengthen food-testing infrastructure in India including up-gradation of existing food-testing labs and setting-up new mobile-testing labs across India.
• Adoption of international best practices for research in fertilizer sector by Indian Council for Fertilizer and Nutrient Research (ICFNR), to help farmers acquire good-quality fertilizers at affordable rates.
• Innovative HRD Scheme through State Governments under the National Mission on Food Processing to create infrastructure facilities for Degree / Diploma courses in Food Processing sector, set up more Food Processing Training Centres, and introduction of Entrepreneurship Development Programme (EDP).
• Initiative to set-up mega food-parks numbering around 45 across India in the next three to four years.
Currently valued at US$ 39.71 billion, the Food Processing Industry is expected to grow at an annual rate of 11% to US$ 65.4 billion by 2018. Add to this the online food ordering business which is maintaining a steady growth, is expected to grow at 150% year-on-year with an estimated Gross Merchandise Value (GMV) of US$ 400 million by this year end.