PM Modi: In the past nine years, FDI in the food processing industry has totaled Rs 50,000 crore

 PM Modi: In the past nine years, FDI in the food processing industry has totaled Rs 50,000 crore

At Bharat Mandapam in the nation's capital, PM Modi was giving a speech at the second World Food India event. The last day of the three-day tournament is November 5.

FDI of Rs 50,000 crore has been invested in the food processing industry during the last nine years. Modi PM

On Friday, Prime Minister Narendra Modi said that during the previous nine years, foreign direct investment (FDI) up to Rs 50,000 crore has been drawn to India's food processing industry, which has become a "sunrise" industry.

At Bharat Mandapam in the nation's capital, Modi was giving a speech at the second World Food India event. The last day of the three-day tournament is November 5.

"The food processing industry has received FDI of Rs 50,000 crore over the last nine years. It is the outcome of the government's pro-farmer and pro-industry policies, according to Modi.

According to him, the capacity for processing food at home has grown dramatically over the last nine years, and exports of processed food have climbed by 150%.

The prime minister launched a "food street" as part of "World Food India 2023" and gave seed cash support to more than a lakh Self Help Groups (SHGs). The celebration of 2023 as the International Year of Millets intends to highlight India as the world's food basket. The worldwide event was not able to be organized in the following years because to the COVID-19 epidemic, which took place during the inaugural edition in 2017.

With superior packaging and high-quality production, SHGs will be able to realize higher prices in the market with the aid of "Seed Capital Assistance." Union Minister of Food Processing Industries Pashupati Kumar Paras encouraged international businesses to make investments in India in this field during his speech. According to Union Commerce Minister Piyush Goyal, the Modi administration has strengthened the nation's food processing industry and guaranteed the nation's food security.

He outlined the development initiatives carried out by the national government during the last nine years. Around 200 cooks will participate in the "Food Street," which showcases regional cuisines and royal culinary legacy, and will include traditional Indian food. Government agencies, corporate leaders, farmers, entrepreneurs, and other interested parties will have a forum to network, develop alliances, and look into investment possibilities in the agri-food sector via World Food India.

CEO roundtables with an emphasis on investment and ease of doing business will also be held throughout the event. A number of pavilions have been erected to highlight the power and inventiveness of the Indian food processing sector. 48 seminars covering all facets of the food processing business will be held over the three-day event, with a focus on quality assurance, financial empowerment, and advancements in equipment and technology.

It is anticipated that attendees from more than 80 nations will include CEOs of well-known food manufacturing businesses. 'Reverse Buyer Seller Meet' with more than 1,200 foreign purchasers will be part of it. A top official in the ministry of food processing said last month that at the second World Food India event, the food processing industry is probably going to draw in more than Rs 75,000 crore in investment. According to the source, out of the Rs 75,000 crore pledged in the first edition, Rs 23,000 crore have come through.