Investment in Food Processing at World Food India
The fourth edition of World Food India is expected to attract investment worth over ₹1 trillion in the food processing sector, as stated by Minister of Food Processing, Chirag Paswan.
On the event's first day, inaugurated by Prime Minister Narendra Modi, major FMCG companies signed MoUs committing over ₹75,000 crore in investments.
Prime Minister's Address
- Prime Minister Modi highlighted India's unique diversity, demand, and scale, which make it a prime destination for food sector investments.
- India's food processing capacity has expanded 20 times in the past decade.
- A credit-linked subsidy of ₹2,518 crore for micro projects under the Pradhan Mantri Formalisation of Micro Food Processing Enterprises Scheme was announced, benefiting 26,000 individuals.
Major Investment Deals
- Reliance Consumer Products (RCP): Committed to a ₹40,000 crore investment to establish integrated food-manufacturing facilities.
- Coca Cola System: Includes three bottlers contributing a total of ₹25,760 crore, with SLMG Beverages investing ₹8,000 crore.
- Amul: Signed an agreement for a ₹10,000 crore investment.
- Olam Foods Ingredients: Agreed to invest ₹300 crore.
These investments are projected to generate over 900,000 jobs.
Industry Reactions
- Industry leaders expressed appreciation for GST rate cuts announced at the event, addressing long-standing requests.
- During World Food India 2023, MoUs worth ₹33,000 crore were signed.
CEO Roundtable
About 106 industry CEOs met with Minister Chirag Paswan to discuss issues like counterfeit products and import duties on food, with the government working on solutions. Union minister Nitin Gadkari was also present.
