100 percent FDI In multi brand marketing of food to Act as catalyst for the Food Processing Sector – Harsimrat Kaur Badal

5 Dariya News

Chandigarh 07-Mar-2016

Union Food Processing Industry Minister Harsimrat Kaur Badal has said  the decision to allow 100 percent FDI in multi brand marketing to food grown and processed in India will act as a catalyst for the food processing sector in India. She was speaking during the seminar on ‘Re-energizing the Agri Business : Untapped Potential of Haryana’ as part of the Global Investors Summit-2016 at Gurgaon today. She said that presently around 10 percent of foodgrains are processed but in developed countries its percentage is much higher. She expressed hope that allowing 100 percent FDI in multi brand retail with 100 percent local sourcing condition will enable greater foreign direct investment that will result in a faster growth for the sector in India.

The Minister said that the NDA government has taken several initiatives to improve the condition of farmers such as the schemes relating to Fasal Bima Yojana, Har Khet Ko Paani, Per Drop More Crop, Organic Farming, E-platform for Mandis. The Minister said that presently the level of food wastage is very high and it is estimated that around Rs.92,000 crore of foodgrains gets wasted. "Food processing will help in reducing this food wastage and will also contribute to controlling inflation, uplifting the condition of farmers and creating more jobs", Mrs Badal said.