India’s food diversity a dividend for global investors, says PM Modi

New Delhi, Nov 3: Prime Minister Narendra Modi on Friday said that India’s food diversity is a dividend for global investors as he inaugurated the World Food India 2023 festival at Pragati Maidan, in Delhi.

He also disbursed seed capital assistance for over one lakh SHG members to strengthen self help groups (SHGs)

Modi hailed the technology and startup pavilion and food street showcased on the occasion, saying that the fusion of technology and taste will pave the way for the economy of the future.

He said that the food security is a major area of focus and therefore Indian startups are now looking at a major investment opportunity.

He said that the women-led self help groups (SHGs) will also stand to gain in terms of investment in the food processing sector. He also underlined that the outcomes of World Food India are a huge example of India’s food processing sector being recognised as the ‘sunrise sector’.

In the last nine years, Modi said that the sector has attracted foreign direct investment of more than Rs 50,000 crores as a result of the government’s pro-industry and pro-farmer policies.

Modi said that PLI scheme in the food processing sector has provided huge assistance to the new players in the industry.

He mentioned that work is underway on thousands of projects under the agri-infra Fund for post-harvest infrastructure with an approximate investment of more than Rs 50,000 crores while processing infrastructure in the fisheries and animal husbandry sector is also being encouraged with an investment of thousands of crores.

“The investor-friendly policies by the government are taking the food sector to new heights,” Modi said.

In the last nine years, Modi informed that the share of processed foods in India’s agricultural exports has grown from 13 percent to 23 per cent, making an overall increase of 150 percent of exported processed foods. “Today, India stands at the 7th position with an overall export value of more than $50,000 million in agricultural produce,” he informed.

Modi underlined that there is no sector in the food processing industry where India has not shown unprecedented growth and said that it is a golden opportunity for every company and start-up associated with the food processing industry.