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Indian food sector poised for growth
Indian Food Sector Poised For Growth. Indian food is poised for rapid growth in coming years as the country has potential to become reliable outsourcing partner for the global food industry given its strength in primary food sector, according to S Jafar Naqvi, Chief Coordinator for India FoodEx 2014 expo.
Hyderabad: Indian food is poised for rapid growth in coming years as the country has potential to become reliable outsourcing partner for the global food industry given its strength in primary food sector, according to S Jafar Naqvi, Chief Coordinator for India FoodEx 2014 expo.
“India is the world second largest producer of food next only to China, but accounts for less than 1.5 per cent of international food trade now. However, this is likely to change in coming years and India will become outsourcing partner for food industry,” he told media here on Wednesday after announcing details of India FoodEx 2014 exhibition scheduled to be held in Bangalore from August 22 this year.
He further said that there would be lot of score for growth in the segments such as poultry, fisheries, meat, ready-to-eat products, cereals and grains.
Pointing that the government in the Union Budget 2014-15 reduced excise duty on food processing and packaging machinery from 10 to 6 per cent, he said the move had bolstered growth in horticulture and food sectors.
On the three-day exhibition, he said over 650 companies from India and 29 other countries had already consented to take part in the India FoodEX 2014. In addition to FoodEx, the company will also hold several other concurrent exhibitions such as AgriTech India, GrainTech and DairyTech. “We are confident that the sixth edition of the exhibition will make a big difference to the Indian food industry and create business opportunities for large, medium and small companies in the country,” said Naqvi, who is also President for iFlora, an industry body for floriculture.
