The Hindu : Business : Food processing industry holds promise

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Thursday, Nov 27, 2008
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Food processing industry holds promise

Special Correspondent

Centre plans to set up 10 mega food parks this year

NEW DELHI: The country’s food processing industry is a promising sector, especially in the current grim scenario, as it is not only insulated from the global financial meltdown but is also actually growing.

Indicating this at the Economic Editors’ Conference here on Wednesday, Food Processing Minister Subodh Kant Sahai said: “The sector is not affected in any way by the financial crisis. It is just growing and coming out of a nascent stage. Moreover, it doesn’t have much exposure to the world trade now.”

Mr. Sahai noted that food processing was one of the top 10 sectors in attracting foreign direct investment (FDI) with equity inflows touching Rs. 798 crore in the last 4-5 years.

Vision 2015

Stressing on the tremendous investment opportunities and scope for growth of the sector, he said that ‘Vision 2015’ had been drawn up with an appropriate strategy and implementable action plan.

The Government has planned to set up 10 mega food parks this year out of 30 such parks planned for the XI Plan. The Minister said an apex National Institute of Food Technology Entrepreneurship and Management (NIFTM), being set up by the Ministry at Kundli Sonepat (Haryana), is to start functioning from 2009-10 for providing world-class manpower in food science and food industry management.

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