India poised to attract investment worth $10 bn in food processing

Tribune News Service

New Delhi, October 16

India has attracted investment commitments worth around $10 billion in the food processing sector ahead of the mega World Food India event. Speaking at a curtain raiser, Union Minister Harsimrat Kaur Badal said the World Food India platform will reinvigorate India’s position as a ‘Global Food Factory’ and a ‘Global Sourcing Hub”.

The experiential platform will bring together culinary practices, flavours, fragrances from the world’s cuisines, and celebrate India’s rich cultural heritage and diverse uniqueness of its produce to create contemporary renditions and fusion food, she said about the November 3-5 event here in the Capital.

Badal said more investment was expected by the end of the event in which Japan, Denmark and Germany are participating as “partner countries” and Italy and The Netherlands are focus nations.

“We had kept a target of $10 billion investment. I am happy to share that we have already achieved the target. More investment is likely to flow as we still have two-three weeks for the event,” she said.

The sector will generate 1 million jobs in the next three years. She said: “We today have a $600 billion retail sector, of which 70% is food retail and it will treble by 2020. Expenditure on food will also double next in six years. There is a huge market.”