Food processing sector gets $6.5 bn FDI during FY11 to FY17
The Dollar Business Bureau India’s foreign direct investment (FDI) in the food processing sector was $6.49 billion during the period 2010-11 to 2016-17. “According to Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry, there has been FDI equity inflow of $6.49 million in the food processing sector during 2010-11 to 2016-17,” Minister of State for Food Processing Sadhvi Niranjan Jyoti informed the Parliament on Tuesday. In food processing industries, 100% FDI was allowed via automatic route subject to applicable regulations, laws, sectoral rules and security conditions. According to the recent Annual Survey of Industries (ASI) conducted by the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation in 2014-15, the overall capital invested by registered food processing entities was at ...
Govt clears Amazons $500-mn FDI proposal in food retail
The Dollar Business Bureau In a move to attract major foreign investment, the Government on Monday approved an investment of around $500 million proposed by e-commerce giant Amazon for opening retail food stores in India. This is the first proposal for foreign direct investment (FDI) in food retail that got the government’s approval. This is also the first FDI case that gets an in-principle approval after the recent shut down of the Foreign Investment Promotion Board (FIPB). This proposal was pending with the FIPB. Therefore, the Department of Industrial Policy and Promotion (DIPP) has given its nod to the proposal. According to the proposal, the American ecommerce major will open a fully-owned arm in India for carrying out the business of storing food products and sell them online. Presently, the Government allows 100% ...
Food diplomacy to bridge all barriers, says Harsimrat Kaur Badal
The Dollar Business Bureau The Minister of Food Processing Industries Harsimrat Kaur Badal addressed a Joint Press Conference with the organizers of ANUGA - an international business platform for Food Industry to be held in Cologne, Germany. She also signed the Memorandum of Understanding for Participation in the ANUGA (Allgemeine Nahrungs Und Genußmittel Ausstellung- translated into English- General Food and Non essential Provisions Exhibition) Exhibition with Katharina C Hamma, Chief Operating Officer, Koelnmesse GmBH (the Organizers of ANUGA). The Minister said that it was an honour for India to be a co-partner country in such a prestigious international event. “It gives us the opportunity to showcase our strengths and opportunities to an international audience”. The Minister also said that Food Processing Sector ...
Govt to make 4 mega food parks operational in 3 months
The Dollar Business Bureau The government on Tuesday said that it is working for the development of food processing industry at a rapid pace and around 4 mega food parks will become operational in the coming three months. The industry is keenly interested in food processing sector as the Central government has got 300 proposals for establishing new cold chains, it said. “Just two mega food parks came into operation during 2009 and 2014, while 6 mega food parks became operational during the last three years – from 2014 to 2017. Similarly, 42 mega food parks will come into operation by 2019,” said Minister of State for Food Processing Industries Sadhvi Niranjan Jyoti, while speaking at an event organised by ASSOCHAM. “Four mega food parks ...
Food to be cheaper under GST: Harsimrat Kaur
The Dollar Business Bureau As the Goods and Services Tax (GST) rate on food items has been kept within the range of 5%, most of them will be cheaper, Food Processing Minister Harsimrat Kaur Badal said on Sunday. “I am happy that the GST rate (on food items) has been kept within 5% range. Lot of things will be cheaper. Food items are definitely not going to be expensive,” she said at a round table conference in New Delhi. The Minister said that she had requested Finance Minister Arun Jaitley to keep the food items in exempt list or in the lowest tax slab under GST. Replying to a question on whether the food standards in India were in compliance with the international standards, the minister ...
India urges US companies to invest in food processing industry
The Dollar Business Bureau India has urged US companies to invest in the food processing sector in the country and asked the US firms to take benefit of the country’s liberalised foreign direct investment (FDI) rules, improving business atmosphere and readymade infrastructure. A team of high-profile officials from India led by Special Secretary in the Ministry of Food Processing Industries Jagdish Prasad Meena on Wednesday reached the US. They are on a two-day visit of the US touring Midwest from Chicago conducting meetings with several companies of Chicago metropolitan area from logistics, food services to restaurant firms. “During the meeting, Meena urged them to take advantage of India’s liberalised foreign investment rules, readymade infrastructure and improving ease-of-doing-business climate,” revealed the Indian Consulate in ...
Food processing sector to treble in coming years: Minister
The Dollar Business Bureau The food processing sector in India is likely to treble in the coming years due to higher economic growth and the initiatives taken like the 100% FDI in marketing of food items taken by the Government, Harsimrat Kaur Badal said yesterday at an event. She was speaking at an industry event, when she said that presently the size of India’s food processing industry is about 1.5 lakh crore. This will treble in the coming years. Retailers, processors ad manufacturers will be the key drivers for facilitating the growth story she said. Kaur also said that her ministry is facilitating the ease of doing business and creating investor-friendly policies and schemes to give a fillip to the food sector. "Indian food ...
MP govt gives 40 acres to Ramdevs Patanjali at Rs 10 cr
The Dollar Business Bureau The Madhya Pradesh Govt has allocated 40 acres of land to yoga guru Baba Ramdev’s company Patanjali Ayurved. The land allocated is in the Pithampur industrial area and Patanjali intends to set up a food processing unit at a cost of Rs 10 crore. Speaking to the media, Kumar Purushottam, MD, Madhya Pradesh Audyogik Kendra Vikas Nigam, Indore said, "We have allotted 40 acres of land to Patanjali Ayurved at Rs 25 lakh per acre. We have sent a letter to the company, asking them to deposit Rs 10 crore in government exchequer for the land.” Detailing the company’s objectives Kumar Purushottam said, the company planned to invest 500 crore for the next three years and provide employment to ...
