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27 September 2018
 |
| FDI
(The Total Investment & Insurance Solutions) |
The government will relax foreign direct
investment (FDI) regulations to give a boost to the food processing sector,
which has attracted USD 8.7 billion of investment, a senior government official
said here. “We have already received USD 8.7 billion of FDI in food processing
industry and we are in the process of removing bottlenecks as we see huge FDI
investment potential in the sector. The government will relax FDI regulations
to give a boost to the sector,” ministry of commerce and industry DIPP joint
secretary Rajiv Aggarwal told PTI on the sidelines of World of Food India
conference organized by FICCI.
MNCs and investors were facing some hurdles, which has now been removed
in terms of modifications, harmonisation. They hope to provide ease of doing
business in the sector, he added. At present, 100 per cent FDI in food
processing sector is allowed in setting up of manufacturing unit. There is no
permission required for wholesale business in the sector too, he said.
The government is expected to announce a new industrial policy soon. The
proposed policy will encompass the use of new technologies such as artificial
intelligence and IoT which will open new avenues for investments in India. “We
need technology and investment in supply chain mechanism to boost the
industry,” Aggarwal said, adding that the industry faces huge wastages from
farm to table.
“We only process 7 per cent of perishable goods as compared to 65 per
cent in US, 23 per cent in China and 78 per cent in Phillipines,” he said. The
three-day conference, is being attended by buyers and sellers from 30 countries
with 297 exhibitors showcasing the latest technologies and trends in the food
and beverage industry and 7,000 scheduled B2B meetings are to be held.The Total Investment & Insurance
Solutions
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