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Nov, 01 2014

Food processing industry now a key driver in India’s growth

During the last five years, FPI sector has been growing at an Average Annual Growth Rate (AAGR) of around 8.6 per cent as compared to around 3.8 per cent in agriculture and 7.7 per cent in manufacturing.rn

The food processing industry is now an important segment of the Indian Economy in terms of contribution to GDP, employment and investment. The industry has proved to be a major driver in country's growth in near future, according to a PTI report, citing a senior government official's statement.

"FPI contributes as much as 9.0 to 10.0 per cent of GDP in agriculture and Manufacturing sector," said J P Meena, Additional Secretary, Ministry of Food Processing Industries (GOI), delivering a key note address at National Conference on 'Mega Food Parks' organised by ASSOCHAM.

During the last five years, FPI sector has been growing at an Average Annual Growth Rate (AAGR) of around 8.6 per cent as compared to around 3.8 per cent in agriculture and 7.7 per cent in manufacturing, he added.

Mega Food Park creates a synergy between two pillars of the economy- industry and agriculture creating a huge potential for food processing industry in the country.

As far as Rajasthan is concerned, to make the state self- sufficient and leader in processing of perishables and other food products, the state government along with Centre is launching various schemes for the development of food processing sector in the state, the minister added.

Pradeep Wig, Chairman of ASSOCHAM Council on Food Processing and Value Addition, said, "FPI is primarily a government sponsored activity in which many of the companies do come up in a number of states but after passing of time they could not succeed and land acquired for the purpose turned into a real estate business.”

Farming and value addition were the two main necessities in FPI sector and this should be developed in the states otherwise survival of the segment in its existing form would be in difficulty, believed the experts. 

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