Foreign direct investment (FDI) in the food processing sector is expected to cross $1 billion in the next two years, helped by reforms in FDI space and streamlining of Food Safety and Standards Authority of India (FSSAI) regulations, Union Minister Harsimrat Kaur Badal has said.
Highlighting achievements of two years of the NDA government, Badal told that her ministry has permitted development of 17 new food parks across the country and is making efforts to operationalise all 42 parks by 2019 that will help double processing level of fruits and vegetables to 20%. The ministry has also approved setting up of 30 new cold chains in the country. The government has announced 100% FDI in marketing of food products produced and processed in India in this year’s Budget. “From the very first day after assuming office, my aim was to carry out those reforms which promote investment in the food processing sector, raise farmers’ income and generate employment opportunities,” Harsimrat told.