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‘Food processing attracts heavy investment, US a key contributor’

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India’s sector has attracted heavy investment and the US has played a key role in the industry’s initiatives, Minister of State for said Friday.

'Food processing attracts heavy investment, US a key contributor'
India's food processing sector has attracted heavy investment and the US has played a key role in the industry's initiatives

“India’s goal of bringing food processing to global standards has brought about heavy investment, and America is playing a significant role in the industry’s initiatives,” a statement quoting the minister as said at the 14th Indo-US Economic Summit hosted by the industry body IACC.

Stating that the relations between India and the US in recent years has deepened, she said that the government has worked tirelessly towards the mission of ‘Sabka Saath, Sabka Vikas’.

“This spirit of inclusive growth is not only beneficial for Indian farmers whose income the government has sought to double by 2022, but also for international partners like America, and can create economic prosperity for all,” she added.

Speaking at the event, YES Bank Senior President and Global head (Food and Agri Strategic Advisory and Research) Nitin Puri said Indian government is catalysing a revolution in food processing, and this environment has created many opportunities for collaboration between India and the US.

A recommended pathway for this collaboration can be investment in entire value chains. These can mitigate food wastage losses, bring global best practices and technologies like superior cold chains to India, and sell Indian goods in global markets, he said in a statement.