The food industry is the most important field of our economy. It serves as a crucial connection between India's agricultural and industrial sectors, two of the country's most significant facets of the economy. After China, India is currently the world's second largest food producer.
The Indian food industry is on the verge of a massive expansion, with its exposure to global food trade growing year after year. Because of its enormous potential for value addition, the food sector in India has emerged as a high-growth and high-profit sector, especially in the food processing industry.
The Indian food and grocery market is the world's sixth biggest, according to the India Brand Equity Foundation, with retail accounting for 70% of revenue. The food industry India gives a lot of scope of inclusion like multiple processing methods. This gives rise to the food processing industry too. Food processing is one of India's most important sectors, accounting for nearly 32% of the overall food industry. In terms of consumption, demand, export, and expected growth, it is ranked fifth.
There have been an enormous number of investments in the food industry India.
- According to Mr. Harsimrat Kaur Badal, Minister of Food Processing Industries, Government of India, Amazon plans to invest US$ 515 million in the Indian food retailing sector over the next five years.
- Uber Technologies Inc brought its food delivery service, UberEATS, to India, with investments in multiple cities and regions.
- As part of its plan to increase annual sales from Rs 2800 crore (US$ 0.42 billion) to Rs 5000 crore (US$ 0.75 billion) by 2018, Parle Agro Pvt Ltd is launching Frooti Fizz, a spin-off of the original Mango Frooti, which will be sold in 1.2 million outlets across the country.
Not only that, Indian government has also taken a few decisions and initiatives to support the Indian food industry.
- The Indian government wants to fuel growth in the food processing sector by leveraging reforms like 100% foreign direct investment (FDI) in food marketing and various incentives at the federal and state levels, as well as a strong emphasis on supply chain infrastructure.
- Under the umbrella scheme of Pradhan Mantri Kisan Sampada Yojna, the Ministry of Food Processing Industries (MoFPI) offers a variety of financial assistance to food processing companies in India (PMKSY).
Food safety and quality management has taken this industry to the next level. It will allow for strict adherence to quality and hygiene standards, protecting customer health, preparing the industry for global competition, increasing product adoption by overseas consumers, and keeping the industry technologically up to date with international best practices.
Given India’s huge population. However, the amount of food generated can be up and about for trade purposes as well more than we are participating right now. The amount being consumed is more than the export. Population control can be miraculous for the food industry India. Though there shouldn’t be a hard and fast rule as such. It is already at a great position.
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