The Union Minister stated that the target is not very ambitious as the industries need to grow at a combined rate of 14 to 15 per cent
Highlighting that there exists a tremendous growth potential in organic farming, the Union Minister of Commerce and Industry Piyush Goyal has stated that India has the potential to reach USD 100 billion of combined exports in the Food & Beverage (F&B), agriculture and marine products industries in the next five years
During his address at an interaction with the F&B industry stakeholders on the sidelines of Indusfood 2025, the Minister emphasised that the target is not very ambitious as the industries need to grow at a combined rate of 14 to 15 per cent.
The Minister also informed that the Government has allowed 100 per cent Foreign Direct Investment (FDI) in the F&B sector. 100 per cent foreign investment, foreign ownership and foreign management are allowed, as per Goyal. He urged Indian companies to invest in innovation, better packaging, in sustainability, to mechanise their processes to make them more hygienic.
As far as the aspect of sustainability in the food industry is concerned, Goyal highlighted that the Government is prioritising making farming processes sustainable and is working to promote organic farming and food products. He noted that the Government has eased certification processes for organic foods while maintaining the sanctity and traceability to ensure no irregularities creep into the system.
Stating that the Government is looking to expand food testing laboratories across the nation, the Minister noted that the Centre will also welcome suggestions on equipment and processes needed to set up high-quality testing laboratory facilities. Sharing that pre-packaged, ready-to-eat foods from India have also found success abroad, the Minister noted millets, pickles and spices have found traction across the world as more pre-packaged foods are finding markets both in India and internationally.
