The webinar brought to light various policies and investor incentives
In a bid to weigh opportunities for conducting and expanding business in the food processing industry of India, Nexdigm organized a knowledge-sharing webinar titled ‘India’s Attractiveness and Opportunities – Food Processing Industry’ under its banner series ‘Diversify to Differentiate – Think India, Think Next!.’
The webinar, hosted under the aegis of the Consulate General of India, Chicago, brought to light various policies and investor incentives. The commencement was followed by significant and strategic insights from The Consul General of India and the Director of Agricultural and Processed Food Products Export Development Authority (APEDA), a sub-division of the Government of India.
Talking about how the processing industry has matured over the years, Bhupinder Singh, CEO and Managing Director of Vista Processed Foods (a subsidiary of US-headquartered OSI Group) said, “We have been in the industry for last 25 years, and we have seen growth, especially in technology. When we started, the chicken birds weight was only 1.5 kg. Now, we see bird weight going to 2.4 kg, and this is a huge efficiency improvement; this has helped the industry to add value to a lot of products.”
Talking about how foreign companies can benefit from the food processing ecosystem, Suresh Chitturi, Vice-Chairman and Managing Director of Srinivasa Farms said, “I think the government can still do more on the policy front and the financing front especially, because I think we are heavily disadvantaged in how Indian banks finance and fund Indian businesses.”
The new PLI scheme aims to bridge the gap for local demand and enhance value addition for select target segments, such as ready-to-cook or eat foods, processed fruits and vegetables, value-added marine products, and mozzarella cheese.
There are also incentives for new manufacturing setups in the form of a reduced corporate tax rate to 15%, which will boost investments further.