The ministry of food processing industries (MoFPI) will be hosting a Food India Summit alongside Vibrant Gujarat in January 2017. The event will host investors, facilitate them to meet their potential partners in India and realise the opportunities arising after the announcement of 100 per cent foreign direct investment (FDI) in food retail in India.
Smt. Harsimrat Kaur Badal, Hon’ble Minister for food processing industries stated that this decision was taken based on the suggestion by large food companies during her interaction with them in London recently.
“I recently visited London. Many of the companies expressed their interest in investing in India. We want companies to make food not only for India but for the world as well. The companies are also looking into the opportunity to work with local players for manufacturing,” she added.
“Food World Summit is also slated to take place in January and will provide the investors an opportunity to meet local players, including farmers producers organisations (FPO), processors, logistics companies, retailers etc. The prime minister’s vision of doubling the farmers’ income will be the main focus. This would help in achieving our goals for the food processing sector as well,” Smt. Badal said.
In a reply to a question about the sluggish progress in FDI in food retail-related investment, the minister stated that she was satisfied with the progress so far, adding that perhaps there wasn’t much awareness about the decision taken by the Indian government.
“We’re satisfied with the way things are moving vis-a-vis FDI in food retail. When you decide to do something, the faster you go to sell it, the faster you get a response. This government is working at a faster pace. And it’s not a lack of interest, but perhaps a lack of awareness. We’re working in that direction,” Smt. Badal added.
She said that the food market in the West was very different than it was here. In India it’s a routine affair while in the West it takes place on a weekly or monthly basis. Forty per cent of everybody’s expenditure is on food and that makes the sector more interesting. Currently, the (potential) investors are interacting with local players to get into this market.
Smt. Badal added that the companies were looking for niche products as well and India could help them obtain those.
Source : FnBnews.com