Title: PM Modi Inaugurates World Food India 2023 Festival, Highlights Food Processing Sector’s Growth In a news item regarding Prime Minister Narendra Modi’s speech at the World Food India 2023 festival, here is a revised and expanded version: New Delhi, Nov 3: Prime Minister Narendra Modi inaugurated the World Food India 2023 festival at Pragati Maidan, Delhi, emphasizing India’s food diversity as a dividend for global investors.
During the event, he also disbursed seed capital assistance to over one lakh self-help group (SHG) members, aimed at strengthening these groups. Modi commended the technology and startup pavilion and the food street showcased at the event, highlighting the fusion of technology and taste as a pathway to the economy of the future. He noted that food security is a major area of focus and that Indian startups are now looking at significant investment opportunities in the food processing sector.
Additionally, the Prime Minister emphasized the benefits that women-led self-help groups (SHGs) will receive through investment in the food processing sector, underlining that World Food India exemplifies India’s food processing sector being recognized as the ‘sunrise sector.’ Over the past nine years, Modi pointed out that the sector has attracted foreign direct investment exceeding Rs 50,000 crores, thanks to the government’s pro-industry and pro-farmer policies.
He credited the Production-Linked Incentive (PLI) scheme in the food processing sector for providing substantial assistance to new players in the industry. Modi revealed that work is underway on thousands of projects under the agri-infra Fund for post-harvest infrastructure, with an approximate investment of more than Rs 50,000 crores.
Simultaneously, processing infrastructure in the fisheries and animal husbandry sector is also being encouraged with investments amounting to thousands of crores. He praised the government’s investor-friendly policies for propelling the food sector to new heights. Modi disclosed that the share of processed foods in India’s agricultural exports has surged from 13 percent to 23 percent over the past nine years, representing a 150 percent overall increase in exported processed foods.
Today, India holds the 7th position globally, with an export value exceeding $50,000 million in agricultural produce, Modi stated. He highlighted that India has shown unprecedented growth in every sector of the food processing industry, making it a golden opportunity for every company and startup associated with this sector.
The Prime Minister credited the consistent and dedicated efforts of the government for the rapid growth in India’s food processing industry. Notable initiatives include the creation of India’s first Agri-Export Policy, the development of nationwide logistics and infrastructure, establishing more than 100 district-level hubs connecting districts to global markets, and increasing the number of mega food parks from two to over 20.
Additionally, India’s food processing capacity has surged from 12 lakh metric tonnes to more than 200 lakh metric tonnes, marking a 15-fold increase in the last nine years. Prime Minister Narendra Modi’s speech highlighted the growth and potential of India’s food processing sector, with a focus on its contributions to the global food industry.
