India: Food Industry Food Processing Industries Minister Welcomes 100% FDI in Marketing of Food in India
Minister for Food Processing Industries, Harsimrat Kaur Badal thanked the Indian PM and Finance Minister for approving and announcing the policy of 100 per cent FDI in marketing of food products produced and manufactured in India in the General Budget, 2016-17. This will provide impetus to the foreign investment in food processing sector, benefit farmers immensely and will create vast employment opportunities.
New Delhi/India – Interacting with the media to apprise them about the initiatives relating to food processing in the Union budget announced yesterday, Harsimrat Kaur Badal said that this step will lead to creation of ‘Swadeshi’ infrastructure with ‘Videshi’ money. This will help farmers get remunerative prices for their produce, transfer of technology and modern agricultural practices required for producing agricultural produce on a large scale to meet the requirements of organized marketing.
A unified agriculture marketing e-platform will be set up which will bring markets to the doorstep of farmers. This coupled with 100 per cent FDI in marketing of food products produced and manufactured in India would result in big buyers reaching out to farmers for their agri-horti produce.
100 per cent FDI will bring in higher efficiencies in food processing industry and trade, and will make our food products more competitive in international markets.
In addition to above, following announcements made in the budget 2016-17 will accelerate the growth of food processing sector:-
- The budget of the Ministry has been enhanced by 21% against the overall increase of 11% of Government of India as a whole.
- To promote use of refrigerated containers in the supply chain, the basic custom duty and excise duty has been reduced from 10% to 5% and from 12.5% to 6%, respectively.
- Access to market is critical for the income of the farmers. A unified agriculture marketing e-Platform will be dedicated to the nation on the birth anniversary of Baba Saheb Dr Bhim Rao Ambedkar on 14th April this year. This will connect to 585 regulated wholesale markets in the country.
- Food Processing to play a pivotal role in realizing the vision of Government to double farmer’s income by 2022.