New Delhi, November 2, 2017: Prime Minister Narendra Modi will on Friday inaugurate World Food India 2017, the biggest congregation of global investors and business leaders of major food companies, an official statement said.
Organised by the Food Processing Industries Ministry here, the three-day event aims to transform food economy and realise the vision of doubling of famers’ income by establishing India as a preferred investment destination and sourcing hub for the global food processing industry, the statement said.
This is the first time that India is hosting such an event for the food processing sector.
After the inauguration from Vigyan Bhavan, the Prime Minister will visit the Food Street at India Gate lawns.
“World Food India platform will strengthen India’s position as a global food factory and is a positive step towards making the country food secure.
“India is expected to attract an investment of $10 billion in food processing sector and generate one million jobs in the next three years,” the statement said.
During the event, India would host over 2,000 participants and 200 companies from around 30 countries.
Apart from representatives of 28 states, the event would also see participation of 18 ministerial and business delegations, nearly 50 global CEOs along with CEOs of all leading domestic food processing companies.
While Germany, Japan and Denmark are partner countries for the extravaganza, Italy and the Netherlands are the focus countries.
The event will witness specially curated experiential platform by chef Sanjeev Kapoor which will showcase Indian and foreign cuisines using Indian ingredients, flavours and fragrances.
A massive exhibition spread over 40,000 sqmt at the India Gate lawns — where more than 800 global companies representing 22 countries and domestic companies will be exhibiting — is expected to attract significant footfalls, the statement said.(IANS)
The fall of the currency of India to record lows and rising global oil prices have raised worries that the world’s fastest growing economy faces headwinds that could hurt the fortunes of Prime Minister Narendra Modi’s party in next year’s general elections.
From people filling fuel at gas stations to thousands of students heading out to study overseas, the impact of the slumping rupee is sparking discontent.
Having plunged by about 12 percent against the dollar this year, the rupee is one of Asia’s worst faring currencies, and as in other countries, the slide has accelerated since the crash of the Turkish lira.
“The reasons are global. We must bear in mind that in last few months, dollar has strengthened against almost every currency,” said Finance Minister Arun Jaitley recently as he tried to send out reassuring signals that India’s economy is on track.
The rupee’s sharp depreciation comes at a time when the economy had recovered from a slowdown and surged to a two-year high in the quarter that ended in June. Forecasts put growth for this year at 7.5 percent.
Economy will slow
But economists warn this momentum will be difficult to sustain as the tumbling rupee, along with rising crude oil prices, takes a toll on growth. India, the world’s third largest oil importer, gets almost 80 percent of its fuel needs overseas.
“The government needs to mellow down on growth aspirations,” said N.R. Bhanumurthy, economist with the National Institute of Public Finance and Policy. “The growth needs to come down to a little less than 7 percent.”
Even as the government faces the prospect of a slowing economy, it is under pressure to lower taxes on gas and diesel to bring down the sharp rise in prices. Fuel is one of the most heavily taxed items in India, with rates as high as nearly 50 percent. Prices vary from state to state, but they have gone up by about 14 percent this year.
Hoping to cash in on the growing disaffection over the surge in fuel prices and the sliding rupee, opposition parties led nationwide protests that shutdown offices and schools in several cities this week.
The government dismissed the protests, saying that although people faced momentary difficulties, they understood they were because of factors beyond its control.
Political analysts are not so sure, pointing out that fuel prices are a politically sensitive issue in India and usually result in a spike in inflation.
“Anger is rising, there is resentment,” said Satish Misra at the Observer Research Foundation, warning the ruling party will face a backlash “Obviously that is going to have a negative impact on the electoral fortunes of the Bharatiya Janata Party, there is no doubt about that.”
Warnings from economists
Among those who are upset with the high fuel prices is Rajesh Kumar, who commutes 30 kilometers to the advertising agency where he works. Hit by the higher prices that eat into his income, he has started sharing the ride with another employee.
“I have given up the idea of buying another car,” he said despondently. “I will not be able to afford the cost of running it.”
Economists however have warned the government against giving in to populist pressures ahead of a series of state polls later this year and general elections around April next year. They say lowering taxes on fuel or taking measures to prop up the currency will strain the country’s finances and hurt the economy in the long run.
“One needs to be more careful and vigilant,” Bhanumurthy said. “It is easy for India to stay with low growth than experiencing the high deficit.”
But there is also some good news for the Indian economy. The falling rupee has given a boost to some of India’s most lucrative exports, such as software services and pharmaceuticals, which add up to billions of dollars. (VOA)