Food processing in focus at World Food India

Showcasing the immense potential in the Indian food industry, the government is bringing to fore the many investment avenues available in the country at the World Food India summit.

On the sidelines of this summit, government has received Rs. 68,000 crore in-principle investments from various MNC and domestic companies in the food processing sector. The amount will be invested over the next couple of years.

FMCG major ITC has committed to invest Rs. 10,000 crore in food processing in the next 5 to 7 year period and its emerging rival has also promised to invest an equivalent amount in the food industry. Also, Cola companies PepsiCo and Coca-Cola have made commitments to invest Rs. 13,340 and Rs. 11,000, respectively in the supply chain development to aid fruit-based drinks to their portfolio.

While addressing industry stalwarts at the event, PM Modi said that Food processing is a priority sector under the Make in India programme and called for investments in post-harvest management, including primary processing and storage, cold chain and transportation. Modi met CEOs of the food industry including Britannia Industries, ITC, Unilever Plc, Mondelez International, Nestle, Hershey and Ise Foods. He also interacted with the top brass of retailers and wholesalers including Amazon (India), Future Group, Metro Cash & Carry, Spar International, LuLu Group, Trent Ltd and Walmart India.

The event reflected the overall upbeat mood of the Indian food industry, especially in the food processing, packaged food and fortified food segments. With this renewed focus, the food sectors are expected to see an uptick in the upcoming trading sessions.