At the curtain raiser event of the ‘World Food India 2017’ being organised along with industry body CII, Food processing Minister Harsimrat Kaur Badal seemed quite ecstatic as huge investment has been committed in the food processing sector because of transformation measures taken in the last three years and improvement in the ease of doing business. Already Rs 65,000 crore private investments have been committed in the Food processing sector and more is expected during the mega global food event to begin from November 3.
Badal enlightened that that of the total, more than 40 per cent of the investment has been committed by domestic players like ITC, it said, adding that this would create more than 10 lakh jobs in the country.
Already Rs 65,000 crore (USD 10 billion) has been committed ahead of the event — to be inaugurated by Prime Minister Narendra Modi — and more investment is expected.
The food event will provide global businesses a platform to explore Indian market across the value chain in Food processing and food retail.
The event will showcase the strength of India inFood processingand allied sectors. It will also connect domestic and international businesses for possible partnerships and facilitate collaboration, investment flow and encourage sourcing from India.
More than 40 countries, 27 states governments are participating in the event. Germany, Denmark and Japan are the partner countries, while the Italy, the Netherlands are the focus countries.
The minister highlighted about investor-friendly measures, Badal said an online system is in place for faster processing of application and grant of funds.A portal ‘NiveshBandhu’ for the benefit of investors has been designed and will be unveiled by Modi at the event. A food regulatory portal will also be launched.
CEO Pawan Kumar Agarwal of Food Safety and Standards Authority (FSSAI) stated that over the last couple of years, they regulator along with the govt. was able to put things together to enable more investment.
Food standards are at par with global benchmark and now approvals are given for recipe-based also. Besides, a new system has been put in place for approval of new kinds of foods, if required, he added.
“So in all, we have created an investor-friendly environment and the regulatory burden has been reduced”, Agarwal noted.