Saturday December 7, 2019
Home Business Food processi...

Food processing will be a main industry in future: Jaitley

0
//
Food
Food processing will be a main industry in future: Jaitley

New Delhi: The entire Indian agriculture value chain is set to change drastically and food processing is going to be one of the main industries of the country in the future, Finance Minister Arun Jaitley said on Friday.

“The farm to kitchen chain is going to change in India, like elsewhere, with increased agricultural production, better storage facilities, more food processing and changing consumer food preference,” Jaitley said at the inaugural session of the World Food India 2017 here.

 “Food processing is going to be one of the principal industries of India in future, and an entrepreneur in 2017 should think of the industry from the perspective of where it will be in 2040, 2050,” he said.

In terms of market size, the Indian food market was worth $193 billion in 2016 and is expected to cross $540 billion in 2020, officials said here. The sector has been growing at the rate of 12 per cent annually.

“There is a silent revolution ongoing in India. There is an expanding middle class and below that there is a growing aspirational class, which is building up reasonable purchasing power,” the Finance Minister said, noting that this provided an enormous potential market for food products in the country.

About the potential, Food Processing Minister Harsimrat Kaur Badal said that only about 10 per cent of agricultural produce is processed in the country, leading to a lot of wastage.

The industry enjoys many fiscal incentives, including preferential credit under priority sector lending, she said.

“There is 100 per cent FDI (foreign direct investment) allowed into the sector through the automatic route and we have seen inflows increase 40 per cent over the last year,” she said.

“The proposal for a Food Processing Bank is also under active consideration.”

In the presence of delegates from many countries, the event was inaugurated earlier by Prime Minister Narendra Modi, who pointed out that India is the biggest producer of milk in the world and the second in rice, wheat, fish and vegetable output.(IANS)

Next Story

Fast Food Outlets Get Most Orders From Swiggy

Fast food outlets corner bulk of orders on Swiggy

0
swiggy fast food
Burgers are one of the most ordered dishes on Swiggy Food delivering app. Pexel

Although biryani is the most popular dish in India, Indians are far from cutting down on fast foods, suggest new data from online food delivery platform Swiggy, which is completing five years this week.

Higher intake of fast food is often linked to rise in obesity.

Subway, Domino’s Pizza, McDonald’s and Burger King clocked the highest number of orders in five years, said Swiggy, which has entered over 290 cities since launch in 2014.

Swiggy revealed the biryani order rate stood at 43 per minute, followed by dosa and burgers in the list of most ordered dishes on Swiggy. Among desserts, gulab jamun topped the order chart with rasmali at a distant second.

swiggy food delivery app
Fast food is most popular among Swiggy customers. IANS

The data also revealed a surprise and showed coffee, not tea, was the go-to drink for most Swiggy clients.

The demand for vegetarian foods is also on the rise with most cities having close to double vegetarian orders over non-vegetarian items, according to the data with “pure veg” being the most popular filter on the app.

Also Read: Louisiana to Dispense Therapeutic Cannabis

Swiggy claimed to have over 2 lakh delivery partners with women executives alone delivering over 2.5 lakh orders in the past five years.

A Bengaluru man, who placed 17,962 orders with Swiggy, has emerged as the platform’s most loyal customer. (IANS)