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Food processing will be a main industry in future: Jaitley (Lead)
New Delhi, Nov 3 (IANS) The entire Indian agriculture value chain is set to change drastically and food processing is going to be a main industry in the future, Finance Minister Arun Jaitley said on Friday at World Food India 2017, even as event’s first day here saw the signing of 13 MoUs worth Rs 68,000 crore ($10.5 billion).
“The farm to kitchen chain is going to change in India, like elsewhere, with increased agricultural production, better storage facilities, more food processing and changing consumer food preference,” Jaitley said at the inaugural session of the World Food India 2017 here.
“Food processing is going to be one of the principal industries of India in future, and an entrepreneur in 2017 should think of the industry from the perspective of where it will be in 2040, 2050,” he said.
In terms of market size, the Indian food market was worth $193 billion in 2016 and is expected to cross $540 billion in 2020, officials said here. The sector has been growing at the rate of 12 per cent annually.
“There is a silent revolution ongoing in India. There is an expanding middle class and below that there is a growing aspirational class, which is building up reasonable purchasing power,” the Finance Minister said, noting that this provided an enormous potential market for food products in the country.
About the potential, Food Processing Minister Harsimrat Kaur Badal said that only about 10 per cent of agricultural produce is processed in the country, leading to a lot of wastage. There is a 120 million tonne shortfall in the cold chain capacity, for instance.
The industry enjoys many fiscal incentives, including preferential credit under priority sector lending, she said.
“There is 100 per cent FDI (foreign direct investment) allowed into the sector through the automatic route and we have seen inflows increase 40 per cent over the last year,” she said.
“The proposal for a Food Processing Bank is also under active consideration.”
MoUs worth Rs 68,000 crore were signed in the presence of the Food Processing Minister.
The companies indicating intent to invest in India included PepsiCo, which signed an MoU worth Rs 13,300 crore for setting up a food and beverage plant, Coca Cola for investing Rs 11,000 crore in juice bottling and fruit processing plants and equipment, while ITC and Patanjali committed to investing Rs 10,000 crore each in the sector.
Other MoUs signed included by Amazon in the food retail business, Sharaf Group of the UAE for farm produce collection, processing and export and Yes Bank for financing food processing projects across the sector, according to a release by the Confederation of Indian Industry (CII) here.
In the presence of delegates from many countries, the event was inaugurated earlier by Prime Minister Narendra Modi, who pointed out that India is the biggest producer of milk in the world and the second in rice, wheat, fish and vegetable output.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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