Experts underlined the fact that the food processing industry had huge growth potential and the country’s agro-climate zones provided a fertile ground for various plant-based edibles that catered to indigenous people and also global consumers
A PHDCCI-organised conference pointed out that food processing was the fifth largest sector of the country’s economy. Experts at the conference underlined the fact that the food processing industry had huge growth potential and the country’s agro-climate zones provided a fertile ground for various plant-based edibles that catered to indigenous people and also global consumers. They were speaking in a virtual seminar, “Promoting Entrepreneurship and Investment in Food Processing Industry” organised by the Uttar Pradesh Chapter of PHD Chamber of Commerce and Industry (PHDCCI).
“The contribution of agriculture towards GDP is far low as compared to the number of people involved in it. Food processing is the fifth largest sector of the country’s economy and contributes 13 per cent to our annual GDP,” said Anil Khaitan, former President and Mentor MSME Mentoring and Guidance Centre, PHDCCI.
PHDCCI Secretary General Saurabh Sanyal highlighted the challenges facing the sector include inability of entrepreneurs to access credit, high cost of institutional credit, lack of access to modern technologies, inability to integrate with the food supply chain and compliance with health and safety standards, Sanyal noted. PHDCCI advisor and former CMD of NSIC, HP Kumar said though India’s agricultural production base was reasonably strong, wastage of agricultural produce was sizable.
“The food processing industry in India is a sunrise sector changing the trend from sustenance to market-oriented that has gained prominence in recent years,” he said. He also pointed out that if entrepreneurship was promoted in this sector, investment would follow on its own. Joint Director, UP Department of Food Processing, RK Singh said various schemes and lucrative subsidies were available for attracting investment in the sector. He said under the UP Food Processing Industrial Policy, 2017, an investor in micro and small industry category can avail one hundred per cent reimbursement of interest subsidies within the tenure of 5 years with a maximum reimbursement of Rs 5 lakhs in a year.
“The country’s agro-climate zones provided a fertile ground for various plant-based edibles that catered to indigenous people and also global consumers”
A PHDCCI-organised conference pointed out that food processing was the fifth largest sector of the country’s economy. Experts at the conference underlined the fact that the food processing industry had huge growth potential and the country’s agro-climate zones provided a fertile ground for various plant-based edibles that catered to indigenous people and also global consumers. They were speaking in a virtual seminar, “Promoting Entrepreneurship and Investment in Food Processing Industry” organised by the Uttar Pradesh Chapter of PHD Chamber of Commerce and Industry (PHDCCI).
“The contribution of agriculture towards GDP is far low as compared to the number of people involved in it. Food processing is the fifth largest sector of the country’s economy and contributes 13 per cent to our annual GDP,” said Anil Khaitan, former President and Mentor MSME Mentoring and Guidance Centre, PHDCCI.
PHDCCI Secretary General Saurabh Sanyal highlighted the challenges facing the sector include inability of entrepreneurs to access credit, high cost of institutional credit, lack of access to modern technologies, inability to integrate with the food supply chain and compliance with health and safety standards, Sanyal noted.PHDCCI advisor and former CMD of NSIC, HP Kumar said though India’s agricultural production base was reasonably strong, wastage of agricultural produce was sizable.
“The food processing industry in India is a sunrise sector changing the trend from sustenance to market-oriented that has gained prominence in recent years,” he said. He also pointed out that if entrepreneurship was promoted in this sector, investment would follow on its own. Joint Director, UP Department of Food Processing, RK Singh said various schemes and lucrative subsidies were available for attracting investment in the sector. He said under the UP Food Processing Industrial Policy, 2017, an investor in micro and small industry category can avail one hundred per cent reimbursement of interest subsidies within the tenure of 5 years with a maximum reimbursement of Rs 5 lakhs in a year.
