US investors have shown keen interest in India's expanding food processing sector that has an investment potential valued at USD 40 billion.
NEW YORK: US investors have shown keen interest in India's expanding food processing sector that has an investment potential valued at USD 40 billion.
At an interaction organised by the United States India Business Council here, American investors and industry representatives evinced keen interest in participating in India's food processing sector that has received many tax concessions from the government in order to boost investment.
Indian Minister for Food Processing Industry Subodh Kant Sahai said the government has planned for 56 parks in various parts of the country, which would provide state-of-the-art facilities across the food chain.
Interacting with investors and industry representatives, Sahai said many tax concessions were available and the retail sector is already setting up supply chain opening up vast opportunities for investment in agro-industries.
Sahai said with an estimated potential of USD 40 billion investment the food processing industry is the next "hot" sector in India after information technology.
He said India was looking for investment in capacity building as also technology transfer in this sector.
India provided ideal condition for production of organic foods whose popularity is increasing across the world, the minister told investors during his three-day visit here.
Sahai said only 1.8 per cent of total production of fruits and vegetables is being processed even though India is the second largest producers of these commodities.
The minister said the government has decided to give a boost to research and development in this sector with its decision to set up the National Institute for Food Technology and Management in collaboration with American Cornell University.
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