'100% FDI in marketing of food products, a great hope to food processing sector'

The Union Minister for Food Processing Industries, Harsimrat Kaur Badal addressing the inaugural of an international International food fair, in New Delhi on Tuesday

The 100% FDI in the marketing of food products produced and manufactured in India in the food processing sector has helped the industry on a larger scale, said Harsimrat Kaur Badal, Minister of Food processing industries.

She added that it would provide an impulsive thrust to the foreign investment in the sector and would create vast employment opportunities that could benefit the farmers. The minster said that the new FDI allocation will lead to the “Swadeshi” infrastructure with the help of “Videshi” money.

This initiative would give a fresh lease of life to the farmers and their produce. It would help the farmers in getting good prices for their yield and also introduce technology and modern agricultural practices required for the production of larger yield, which in turn would meet their requirements in the market on a large scale.

The ministry is also planning to set up an e-platform, which would bring the markets to the farmers’ doorstep.  The National Agricultural Market, NAM is a scheme that was established by the central government which is similar to e-platforms. This initiative coupled with the 100% FDI policy, would see big buyers in touch with the farmers directly for their agricultural produce.

One of the bigger advantages of the 100% FDI is that it would bring greater productivity in the industry and will help make Indian products more competitive on an international scale. 

On the same note the other budget proposals that are likely to bring about an acceleration in the growth of the industry are:  the enhancement of 21% against an overall increase of 11%, promoting the use of refrigerated containers, the reduction in the customs duty from 10% to 5% and excise duty from 12.5% to 6% and a regulated marketing platform that would connect 585 regulated whole sale markets.

March 16, 2016 | 06:30pm IST