Food Processing Minister Harsimrat Kaur Badal has said that the decision to allow 100 percent FDI in multi brand marketing to food grown and processed in India will act as a catalyst for the food processing sector. The Food Processing Minister was speaking during the seminar on ‘Re-energizing the Agri Business:Untapped Potential of Haryana’ as part of the Global Investors Summit-2016 at Gurgaon.
She said that presently around 10 percent of foodgrains is processed, in developed countries its percentage is much higher. She expressed the hope that allowing 100 percent FDI in multi brand retail with 100 percent local sourcing condition will enable greater foreign direct investment that will result in a faster growth for the sector.
The Minister said that the NDA government has taken several initiatives to improve the condition of farmers such as the schemes relating to Fasal Bima Yojana, Har Khet Ko Paani, Per Drop More Crop, Organic Farming, E-platform for Mandis. The Minister said that presently the level of food wastage is very high and it is estimated that around Rs.92,000 crore of foodgrains gets wasted. Food processing will help in reducing this food wastage and will also contribute to controlling inflation, uplifting the condition of farmers and creating more jobs.