India has the potential to reach $100 billion of combined exports in the Food & Beverage (F&B), agriculture and marine products industries in the next five years. This was stated by Union Minister of Commerce & Industry, Shri Piyush Goyal during his keynote address at an interaction with the F&B industry stakeholders on the sidelines of Indusfood 2025 today in New Delhi.
He emphasised that the target is not very ambitious as the industries need to grow at a combined rate of 14-15%. The Minister said that the success of the 8th edition of Indusfood 2025 is a matter of great satisfaction for the Government and complimented Agricultural and Processed Food Products Export Development Authority (APEDA) and Marine Products Export Development Authority (MPEDA) for organising the event.
He added that both the organisations have played a crucial role in India exporting $50 billion of goods last year. The Minister also informed that the Government has allowed 100% Foreign Direct Investment (FDI) in the F & B sector.
100% foreign investment, foreign ownership, foreign management are allowed. The Government also allows work permits easily for those who want to work in India or set up businesses in India, he added.
The Minister urged the Indian companies to invest in innovation, in better packaging, in sustainability, to mechanise their processes to make them more hygienic and encouraged the stakeholders present to bring out high-value products on nutrition that can be used by the Government for its food security programmes in the country.
On promoting sustainability in the food industry, Shri Goyal highlighted that the Government is prioritising to make farming processes sustainable and is working to promote organic farming and food products.
There is a tremendous growth potential in organic farming and the Government has eased certification processes for organic foods while maintaining the sanctity and traceability to ensure no irregularities creep in the system, he noted.
Shri Goyal during his address said that the Government is looking to expand food testing laboratories across the nation and also noted that the Government will also welcome suggestions on equipment and processes needed to set up high quality testing laboratory facilities.
He urged the stakeholders to travel to other parts of India to acquire ideas on the varied tastes and flavours the country has to offer and hoped that the Indian F&B industry and its partners will continue to innovate and bring global standards in the country and take Indian products to the world.
Sharing that pre-packaged, ready-to-eat foods from India have also found success abroad, the Minister noted millets, pickles and spices have found traction across the world as more pre-packaged foods are finding markets both in India and internationally.
Indusfood was launched by the Trade Promotion Council of India, with the support of the Department of Commerce, Government of India in 2017. It was conceptualised as an export focused trade fair, which aimed to provide an unprecedented platform for Indian F&B companies to showcase their products, network with leading international importers, distributors and retail chains, explore business opportunities and fuel their international expansion.
It also provided international importers a one-stop platform to connect with diverse suppliers across product categories, simplifying their sourcing from India.