India calls for investment in food processing
Friday, 12 March 2010
NEW DELHI, Mar 11 (Commodity Online): In an attempt to increase processing levels of its agricultural produce, India has invited investment in the food processing industry.
Speaking on the sidelines of an exhibition here, Minister for Food Processing Industries Subodh Kant Sahai said, 'In the 11th Five-Year Plan (2007-12) period, we need investments of around Rs 1000 billion to increase the processing level from the current 10 per cent to 20 per cent".
He asked for investment in the supply chain and cold chain infrastructure, and technology to provide forward and backward linkages.
'This sector requires no licensing and allows 100 per cent FDI (foreign direct investment),' he said.
'Investors in this sector are allowed to borrow money from foreign banks,' he added.
Sahai said the food processing sector in India was the only sector that remained unaffected by the global financial crisis.
'Every year, the food processing industry has been growing. When the manufacturing sector was affected by the recession, this sector grew from 6 per cent to 14.2 per cent,' he said.
This year, 426 companies are participating in the Aahar exhibition.
Speaking on the sidelines of an exhibition here, Minister for Food Processing Industries Subodh Kant Sahai said, 'In the 11th Five-Year Plan (2007-12) period, we need investments of around Rs 1000 billion to increase the processing level from the current 10 per cent to 20 per cent".
He asked for investment in the supply chain and cold chain infrastructure, and technology to provide forward and backward linkages.
'This sector requires no licensing and allows 100 per cent FDI (foreign direct investment),' he said.
'Investors in this sector are allowed to borrow money from foreign banks,' he added.
Sahai said the food processing sector in India was the only sector that remained unaffected by the global financial crisis.
'Every year, the food processing industry has been growing. When the manufacturing sector was affected by the recession, this sector grew from 6 per cent to 14.2 per cent,' he said.
This year, 426 companies are participating in the Aahar exhibition.