Scope of Food Processing Industries in India
In India, there is a great scope of food processing industries and for this reason, during the period March 2017 to April 2000 India has received around USD 7.54 billion worth of FDI in the food processing sector.
- Globally India holds the number 1 ranking in producing some of the major products like mango, papaya, banana, milk, ginger, guava, etc. Also, India is a mass producer of sugar, cashew nuts, potato, rice, wheat, etc.
- Apart from food products India also produces a significant amount of coffee and tobacco every year.
- Spices are among one of the most exported food products of India. With the help of FPIs India is making processed spices that can easily be transported with a shelf life of more than a year. As per the data of IBEF (India Brand Equity Foundation), India exported spices worth US$ 4 billion in the financial year 2021.
- The diverse climatic condition and availability of different kinds of soil help India produce different kinds of food throughout the year. Additionally, the numerous sea coasts, rivers, and lakes cater to the supply of non-vegetarian food items.
- Establishing FPIs in rural areas of India provides a significant amount of resources at the same place along with cheap labor. Thus, from 2014 to 2015 the Government of India issued a fund of Rs. 2000 crore via NABARD to support the Food processing Industries and Food parks.
- With the help of the Food processing industries (FPI), Indian farmers will be able to directly sell their crops to the industry for better output.
- The demand for food items is significantly increasing with the increased population and thus more FPIs are needed to meet the demand.
- The Government of India is making significant efforts for the enhancement of FPIs in India and thus many investments in FPIs can prove to be quite profitable.
Food Processing in India: Scope and Significance
To get a better insight into the food processing industry and how its works you need to know what is food processing? Food processing industries (FPI) in India contribute a significant percentage to the GDP of India thus it becomes important to understand the scope and significance of food processing industries.
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