Anuga FoodTec India

‘Food processing sector to generate 9 million jobs by 2024’

 

India’s food processing sector is expected to generate 9 million jobs by 2024 and by 2030, India’s household consumption would quadruple, making it the world’s fifth-largest consumer of food and food technology, said Mr. Prabodh Halde, chairman, All India Food Processors’ Association (AIFPA) Western Region at the 17th edition of ANUTEC - International FoodTec India, co-located with ANUFOOD India and PackEx India held in Mumbai.

He said this emerging sector, which had attracted $4.18 billion in foreign direct investments (2014-2020), is poised for significant growth.

“The sector significantly contributes to India’s economy, accounting for 13% of exports and 6% of industrial investment. With a market size of $1.3 billion, the thriving Indian gourmet food sector sustains an impressive 20% Compound Annual Growth Rate (CAGR),” he said.

He said India’s food processing sector was aiming to double its GDP contribution from 8% to 20% by 2030.

Speaking at the event Prahlad Singh Patel, MoS, Ministry of Food Processing Industries, Government of India said, “The Pradhan Mantri Kisan SAMPADA Yojana (PMKSY), Pradhan Mantri Micro Food Processing Enterprises (PMFME) scheme, and the Production Linked Incentive (PLI) Scheme have helped our industry to meet global quality and safety standards, benefiting the entire food processing value chain.”

“The Government of India has allocated ₹4,600 crore to sustain PMKSY, and recently, the allocation of an additional ₹920 crore to PMKSY reaffirms its commitment to sector growth and development,” he said.

Mercy Epao, Joint Secretary (SME), Ministry of Micro, Small & Medium Enterprises, Government of India speaking on the occasion said, “MSMEs play a significant role in the Indian economy, providing over 30% of the GDP, almost 50% of exports, and 45% of industrial output.”

Press Coverage By:Thehindu.com