With stimulating growth in the food retail sector, favorable economic policies, and attractive fiscal incentives, India's food ecosystem offers enormous prospects for investment.
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India is the world's sixth-largest food and grocery market. In addition, the food and grocery retail sector in India accounts for over 65 percent of the total retail sector in India.
Food Processing and Agriculture Based Industry
The Ministry of Food Processing Industries (MoFPI) of the Government of India is also taking all necessary steps to increase investment in the food processing industry. As of 13 January 2021, the government has sanctioned 37 food parks funded by the Mega Food Parks Scheme, of which 21 were operational and 16 were in the process of being implemented.
Industry Overview
Food processing is significant in connecting Indian farmers to customers in both domestic and international markets. The Ministry of Food Processing Industries (MoFPI) is doing all possible to stimulate investment throughout the value chain.
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The industry employs roughly 1.93 million people in around 39,748 registered units, with a fixed capital of $32.75 billion, and an aggregate output of around $158.69 billion. Grain, sugar, edible oils, drinks, and dairy products are the major sectors that make up the food processing business.
The Indian government has also approved approximately 134 food processing projects across several states for 2020. Across several states, there were 21 Agro-Processing Clusters, 47 Cold chains, 43 Food Processing Units, 8 Backward and Forward Linkages, 3 Operation Greens, and 12 Food Testing Laboratories.
Furthermore, this will result in an increase in agricultural processing and preservation capacity by 38.3 lakh MT per year. These additional 134 sanctioned projects are estimated to leverage INR 2,026.32 crore in private investment and provide direct and indirect employment for 77,330 people.
Related projects:- LIST OF PROFITABLE FOOD PROCESSING BUSINESS IDEAS
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Growth Drivers of this Industry
· Agri-commodity exchange
· The largest producer of a variety of agricultural commodities
· A large consumer bases
· There are 1.3 billion consumers, and the need for branded food is expanding.
· A robust economy
· India has the world's fastest-expanding economy
· Beneficial policies
· Government initiatives that are proactive and offer appealing fiscal incentives
· Atmanirbhar Bharat
· PLI programs of INR 10,900 crores are being introduced as part of Atmanirbhar Bharat 3.0.
· One Product, One District (ODOP)
· The ODOP method has discovered 135 district-specific unique goods for 728 districts. around the country
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Government Scheme
PLI (Production-Linked Incentive) Scheme
The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the introduction of the Production-Linked Incentive (PLI) Scheme in Food Products for Enhancing India's Manufacturing Capabilities and Exports – Atmanirbhar Bharat.
Related books:- Food Processing, Food Industry, Agriculture, Agro Processing, Processed Food
Atmanirbhar Bharat Abhiyaan or Self-reliant India scheme
The goal is to make the country and its people self-sufficient in every way. He also described Aatma Nirbhar Bharat's five pillars: economy, infrastructure, system, vibrant demography, and demand. The finance minister also announced government reforms and enablers in seven sectors as part of the Aatmanirbhar Bharat Abhiyaan.
The administration implemented various daring reforms, including agricultural supply chain improvements, rational tax systems, simple and clear laws, capable human resources, and a strong financial system.
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Plans Ahead
· By 2024, the Food Processing industry might draw $33 billion in investment and employ 9 million people.
· India's food processing sector is anticipated to be worth more than $500 billion by 2025.
· Indian annual household consumption is expected to triple by 2030, making India the fifth largest consumer.
Under the automated approach, 100 percent FDI is permissible in food processing sectors. In the case of food goods developed or produced in India, 100 percent FDI is permitted through the government clearance procedure for trading, even through e-commerce.
Related videos:- Food Processing and Agriculture Based Projects
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