Indian Govt to pump Rs 500 billion in food processing Industry
Dated: 7 December 2007
The Indian government has envisaged an investment of Rs 500 billion (US$14.28 billion) in the food processing industry during the 11th Five Year Plan. The investments will be made in a strategic manner by the government, financial institutes and private companies.
It is expected that government’s share in the overall investment will stand at around 10%, while the remaining will be contributed by banks and financial institutes and private companies in the ratio of 5:4. The emphasis is on facilitating links with supply chain systems, testing services other operations. Some of the initiatives taken by the government include setting a ‘National Meat Board’ for the promotion of meat processing. The board will employ policies that will further take care of R&D as well as tackle issues such as hygiene and quality assurance.
There are plans for setting up around 100 laboratories for testing of processed food as per the 11th five year Plan. Other such laboratories will also be brought into action for helping the industry to surmount technical barriers plaguing exports in this processed sector.
RNCOS’ report “Process Food Market- Asia-Pacific (2006-2007)”, talks about the prospects of the processed food industry in India. According to analysts, the processed food industry is primarily export-oriented owing to the low consumption levels at home.
The industry requires government’s assistance to upgrade the quality of service.
For this, government needs to establish 500 institutions for training, standardization and accreditation. Government’s efforts for promoting this sector will go a long way in introducing significant changes. Projects and investments schemes are in tune with the needs of the industry.
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