Food processing sector set to attract $10 b

India is poised to attract investments to the tune of $10 billion in the food processing sector over the next three years, Union Minister Harsimrat Kaur Badal said here on Monday.

Announcing the World Food India fair from November 3-5, a three-day international event featuring the food processing industry, Badal said global players have evinced interest in the Indian market and pledged $10 billion worth of investments in the country.

“With World Food India, India is poised to attract an investment target of roughly $10 billion in food processing sector, which will generate 1 million jobs in the next three years,” Badal, the minister for food processing, said.

She said food processing was key to cut wastage of food which was a cause of concern across the world. Globally, food worth $750 billion is wasted every year, while in India’s post-harvest losses are pegged at a staggering Rs 92,651 crore annually.

Badal said the World Food India fair would help the country emerge as the global food factory and a sourcing hub for the several countries. The minister also said she was still very hopeful that Prime Minister Narendra Modi would accept her proposal to open FDI in non-food items, along with food products, under the multi-brand retail policy.

Investors from several countries have demanded that they be allowed to sell non-food items along with food products processed and manufactured in India under the multi-brand FDI policy, ministry officials said. World Food India will see participation from more than 200 companies from 30 countries, global CEOs, along with industry leaders of domestic food processing companies.