FICCI & CACCI webinar on “Investment Opportunities in Indian Food Processing Sector & World Food India 2024″ on 1 August 2024
The Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) jointly organized a webinar on “Investment Opportunities in Indian Food Processing Sector & World Food India 2024” on 1 August 2024.
The 60-minute becinar was moderated by Kunal Chaudhary, FICCI Director, and featured 4 distinguised speakers: Darson Chiu, Ph.D., CACCI Director General; Shri Minhaj Alam, Additional Secretary, Ministry of Food Processing Industries (MoFPI), Government of India; Tanshi Sahu, Invest India Presenter and Shri Ranjit Singh, Joint Secretary, Ministry of Food Processing Industries (MoFPI), Government of India.
Here is the summary of their presentation:
Summary
Darson Chiu, Ph.D., CACCI Director General
Darson Chiu welcomed participants to the webinar on investment opportunities in India’s food processing sector and the upcoming World Food India 2024 event. He highlighted India’s rapid economic growth and the food processing sector’s significant expansion in recent years, supported by government initiatives such as infrastructure modernization. With a large population, rising disposable incomes, and a booming food retail market, India has emerged as a global hub for food processing.
Kunal Chaudhary, FICCI Director
Kunal Chaudhary, representing FICCI, introduced the event by acknowledging FICCI’s role as one of India’s largest apex chambers and its close collaboration with the government for World Food India. He welcomed the esteemed speakers from the Ministry of Food Processing Industries (MoFPI) and Invest India, emphasizing their key roles in the event.
Shri Minhaj Alam, Additional Secretary, Ministry of Food Processing Industries (MoFPI)
Shri Minhaj Alam commended CACCI, FICCI, and Invest India for organizing the webinar, recognizing it as an essential platform to showcase India’s food processing opportunities. He highlighted India’s position as one of the world’s fastest-growing major economies, with a GDP of $3.7 trillion and ambitious growth targets for 2047. India, being one of the largest producers of agricultural and horticultural products, presents immense potential for value addition, reducing food wastage, and increasing farmer incomes.
He outlined the MoFPI’s commitment to supporting the industrial ecosystem through infrastructure development and various incentive schemes, such as PM Kisan Sampada Yojana and PMFME. World Food India 2024, scheduled for September, aims to bring together key stakeholders to discuss investment opportunities, innovations, and sustainable growth in the sector. The event will also feature international delegations, B2B meetings, and industry partnerships, reinforcing India’s growing role in the global food ecosystem.
Tanshi Sahu, Invest India Presenter
Ms. Sahu provided a detailed overview of India’s economic growth and its thriving food processing industry. She highlighted that India is one of the fastest-growing large economies, with GDP growth expected to reach 7.6% in 2024. The country boasts strong exports, reaching $776 billion in 2023, with significant contributions from agricultural and food products. Key points from her presentation include:
- India is a world leader in milk, livestock, millet, and pulses, while also ranking second in food grains, fruits, vegetables, and tea production.
- The Indian food processing market is projected to reach $535 billion by 2026.
- Low levels of food processing present significant opportunities: only 21% of milk, 3.3% of food and beverages, and 34% of meat production is processed.
- Government initiatives such as the Pradhan Mantri Kisan Sampada Yojna and production-linked incentives provide capital subsidies and tax benefits to boost food processing investments.
- 100% Foreign Direct Investment (FDI) is permitted through the automatic route for food processing, enhancing investment prospects.
- World Food India 2024, scheduled for September 19-22, aims to transform the food processing ecosystem by showcasing innovations, promoting sustainability, and facilitating market access for domestic and global stakeholders.
- The 2023 edition of the event witnessed participation from 24 states, 16 international delegations, and ministerial representatives from multiple countries. Over 16,000 B2B meetings were conducted, and MoUs worth $3.98 billion were signed.
- The 2024 edition will feature expanded thematic sessions, new focus sectors like plant-based proteins and sustainable packaging, and a larger-scale Food Street experience.
Shri Ranjit Singh, Joint Secretary, Joint Secretary, Ministry of Food Processing Industries (MoFPI)
Shri Ranjit Singh, in his closing remarks, commended the event’s organizers and emphasized India’s commitment to strengthening trade relations in the Asia-Pacific region. He invited international partners to actively participate in World Food India 2024, underscoring the event’s role as a platform for strategic collaborations, investment opportunities, and technological advancements in the food sector.
