FDI in food processing sector up by 175%: Sahai

Foreign direct investment (FDI) in the food processing sector witnessed a 175 per cent growth during 2009-10 to $279.33 million, Parliament was informed today.

In 2008-09, the foreign inflows were $102.64 million, Minister for Food Processing Industries Subodh Kant Sahai informed Rajya Sabha today in a written reply to a question.

"The inflow of FDI in food processing sector has increased from $102.64 million to $279.33 million (in 2009-10), which is a 175 per cent growth," Sahai said.

In reply to another supplementary as to how much the inflow of foreign funds in the sector has helped the country, the minister said food processing sector has benefited with innovative technologies, and improved quality of products.

"FDI is expected to bring new products, improved quality and new technology in the food processing sector, resulting in higher employment, and reduction in wastage of agri-products," the minister said.