₹50,000 cr FDI in food processing sector in last 9 years: PM Modi
The Hindu
PM Modi: FDI worth ₹50,000 cr in food processing sector in 9 yrs; 'Food Street' inaugurated; Seed Capital Assistance to 1 lakh SHGs; Union Ministers urge foreign investors to invest in India; 48 sessions to focus on financial empowerment, quality assurance & innovations; 1,200 overseas buyers to attend.
Prime Minister Narendra Modi on Friday said India's food processing sector has emerged as a "sunrise" industry and has attracted ₹50,000 crore in foreign direct investment (FDI) in the past nine years.
Modi was addressing the second edition of World Food India at Bharat Mandapam in the national capital. The three-day event will conclude on November 5.
"In the last nine years, FDI worth ₹50,000 crore has come into the food processing sector. It is a result of the government's pro-industry and pro-farmer policies," Modi said.
He said export of processed food has increased 150% in the last nine years and the domestic processing capacity has increased significantly.
The PM disbursed seed capital assistance to over one lakh Self Help Groups (SHGs) and inaugurated a 'food street' as part of 'World Food India 2023'.
The event aims to showcase India as ‘food basket of the world’ and celebrate 2023 as International Year of Millets. The first edition was held in 2017, but in consecutive years the international event could not be organised due to the COVID-19 pandemic.
'Seed Capital Assistance' will help SHGs gain better price realisation in the market through improved packaging and quality manufacturing. Addressing the event, Union Food Processing Industries Minister Pashupati Kumar Paras urged foreign investors to invest in India in this sector.
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