Food processing sector needs Rs 1,000 cr allocation: Sahai

The food processing sector needs a minimum of Rs 1,000 crore Budgetary support to strengthen infrastructure, Food Processing Industries Minister Subodh Kant Sahai today said.

"Food processing sector provides tremendous opportunity and at least Rs 1,000 crore is required for strengthening the infrastructure to tap the potential. The Planning Commission has to realise this while allocating money for the sector," Sahai said after inaugurating the silver jubilee edition of 'Aahar 2010', a four-day event.

The sector was granted Rs 400 crore in Budget 2010-11, up from Rs 280 crore allocated last year, he said.

"The Finance Minister has promised to increase the amount," Sahai added.

Stating that the food processing sector has the potential to provide opportunity for all, including landless labour and the top level executive of a company, he said that it has the capacity to create employment, especially in the rural areas.

"The sector is picking up. It has attracted around 700 crore FDI in the last 10 months," Sahai said.

"Overseas nations are showing interest for investing in the food processing sector," the Minister said, adding that the Ministry is also taking initiative to attract more FDI.

"We are planning to conduct investors meet in various countries, including the US, to increase the flow of FDI," Sahai said.