The Rise of Indian Food Industry
The food industry is the most important field
of our economy. It serves as a crucial connection between India's agricultural
and industrial sectors, two of the country's most significant facets of the
economy. After China, India is currently the world's second largest food
producer.
The Indian food industry is on the verge of a
massive expansion, with its exposure to global food trade growing year after
year. Because of its enormous potential for value addition, the food sector in
India has emerged as a high-growth and high-profit sector, especially in the
food processing industry.
The Indian food and grocery market is the
world's sixth biggest, according to the India Brand Equity Foundation, with
retail accounting for 70% of revenue. The food industry India
gives a lot of scope of inclusion like multiple processing methods. This gives
rise to the food processing industry too. Food processing is one of India's
most important sectors, accounting for nearly 32% of the overall food industry.
In terms of consumption, demand, export, and expected growth, it is ranked
fifth.
There have been an enormous number of
investments in the food
industry India.
- According
to Mr. Harsimrat Kaur Badal, Minister of Food Processing Industries, Government
of India, Amazon plans to invest US$ 515 million in the Indian food retailing
sector over the next five years.
- Uber
Technologies Inc brought its food delivery service, UberEATS, to India, with
investments in multiple cities and regions.
- As
part of its plan to increase annual sales from Rs 2800 crore (US$ 0.42 billion)
to Rs 5000 crore (US$ 0.75 billion) by 2018, Parle Agro Pvt Ltd is launching
Frooti Fizz, a spin-off of the original Mango Frooti, which will be sold in 1.2
million outlets across the country.
Not only that, Indian government has also
taken a few decisions and initiatives to support the Indian food industry.
- The
Indian government wants to fuel growth in the food processing sector by
leveraging reforms like 100% foreign direct investment (FDI) in food marketing
and various incentives at the federal and state levels, as well as a strong
emphasis on supply chain infrastructure.
- Under
the umbrella scheme of Pradhan Mantri Kisan Sampada Yojna, the Ministry of Food
Processing Industries (MoFPI) offers a variety of financial assistance to food
processing companies in India (PMKSY).
Food safety and quality management has taken
this industry to the next level. It will allow for strict adherence to quality
and hygiene standards, protecting customer health, preparing the industry for
global competition, increasing product adoption by overseas consumers, and
keeping the industry technologically up to date with international best
practices.
Given India’s huge population. However, the
amount of food generated can be up and about for trade purposes as well more
than we are participating right now. The amount being consumed is more than the
export. Population control can be miraculous for the food industry India.
Though there shouldn’t be a hard and fast rule as such. It is already at a
great position.
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