Food processing sector attracted FDI worth $183 mn in last two months, says union minister Badal

After allowing 100 percent FDI in multi-brand retail, there has been a 40 percent increase in FDI in the food processing sector

PTI July 27, 2017 17:02:00 IST
Food processing sector attracted FDI worth $183 mn in last two months, says union minister Badal

Hyderabad: The food processing sector has attracted FDI to the tune of US $183 million in last two months, Union Minister Harsimrat Kaur Badal said on Thursday.

"This year in the last two months (May-June 2017) alone, 183 million dollars has already been attracted in the food processing sector in FDI," she said.

Talking about investment flow after allowing 100 percent FDI in multi-brand retail, she said there has been a 40 percent increase in FDI in the food processing sector.

Food processing sector attracted FDI worth 183 mn in last two months says union minister Badal

Representational image. Reuters

"We have allowed 100 percent FDI in multi-brand retail and allowed the creation of the market as well which this infrastructure can feed," said the minister for food processing industries.

"The result has been that, from last year to this year, there has been a 40 percent increase in FDI in the food processing sector...," she said.

Badal said the Rs 6,000 crore being put in by the food processing ministry under the 'Sampada Yojana' would leverage an investment of about Rs 31,000 crore.

"The Rs 6,000 crore, which is being put in just by my one ministry alone, is going to leverage investment worth almost Rs 31,000 crore. We are going to process agro produce...334 million metric tons, where the value would be almost (Rs) one lakh crore," she said.

It would directly and indirectly impact almost 25 lakh farmers and generate employment for five lakh people, the minister said.

The move would also increase food processing levels in the country by five percent, she said. Currently, 10 percent of the produce is being processed.

She said Rs 6,000 crore has been allocated to put up units inside the 42 mega food parks which are coming up across the country.

Badal was speaking at a roadshow here on 'World Food India: 2017', an event to be held in New Delhi from 3 to 5 November. It would be inaugurated by Prime Minister Narendra Modi.

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