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Food processing sector attracted FDI worth USD 183 mn in last two months: Badal

Press Trust of India  |  Hyderabad 

The food processing sector has attracted to the tune of USD 183 million USD in last two months, Union Minister Harsimrat Kaur Badal said today.

"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 per cent in multi-brand retail, she said there has been a 40 per cent increase in in the food processing sector.

"We have allowed 100 per cent 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 per cent 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 per cent, she said. Currently, 10 per cent 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 November 3 to 5. It would be inaugurated by Prime Minister Narendra Modi.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 27 2017. 16:42 IST