India’s Food Processing Sector Emerges as a “Sunrise” Industry, Attracts ₹50,000 Crore in FDI
Prime Minister Narendra Modi announced that India’s food processing sector has transformed into a “sunrise” industry, attracting ₹50,000 crore (approximately $6.7 billion) in foreign direct investment (FDI) over the past nine years. The Prime Minister made this declaration during the second edition of World Food India, a three-day event held at Bharat Mandapam in the national capital, which aims to showcase India as the “food basket of the world” and celebrate 2023 as the International Year of Millets.
“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,” stated Prime Minister Modi. He also highlighted that exports of processed food have surged by 150% during this period, while domestic processing capacity has seen a significant increase.
During the event, the Prime Minister 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 ‘Seed Capital Assistance’ program is designed to help SHGs enhance their market presence through improved packaging and quality manufacturing.
Union Food Processing Industries Minister Pashupati Kumar Paras called upon foreign investors to consider investing in India’s thriving food processing sector. Union Commerce Minister Piyush Goyal emphasized the Modi government’s commitment to ensuring the country’s food security and supporting the food processing industry. He outlined the significant development work accomplished by the central government over the past nine years.
The ‘Food Street’ at the event will feature a wide array of regional cuisines and royal culinary heritage. Over 200 chefs will participate, presenting traditional Indian cuisine, offering attendees a unique culinary experience.
World Food India 2023 provides a networking and business platform for government bodies, industry professionals, farmers, entrepreneurs, and stakeholders to engage in discussions, establish partnerships, and explore investment opportunities within the agri-food sector. The event will also host CEOs roundtables with a focus on investment and ease of doing business.
Several pavilions have been set up to showcase the innovation and strength of India’s food processing industry. Over the course of the three-day event, 48 sessions will focus on various aspects of the food processing industry, emphasizing financial empowerment, quality assurance, and innovations in machinery and technology.
World Food India is expected to welcome participants from more than 80 countries, including CEOs of prominent food processing companies. The event also features a ‘Reverse Buyer Seller Meet,’ bringing together over 1,200 overseas buyers.
In recent updates, a senior official from the food processing ministry disclosed that the food processing sector is likely to attract more than ₹75,000 crore in investment during the second edition of World Food India. The first edition resulted in ₹75,000 crore in commitments, with ₹23,000 crore already invested.
The event marks a significant opportunity to explore India’s burgeoning food processing industry and its growing role on the global stage.