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Goyal urges Indian companies to focus on innovation and high-quality nutritious products to strengthen food security
India can reach $100 billion of combined exports in the Food & Beverage (F&B), agriculture and marine products industries in the next five years. This was stated by Union Minister of Commerce & Industry, Piyush Goyal during his keynote address at an interaction with the F&B industry stakeholders on the sidelines of Indusfood 2025 in New Delhi. He emphasised that the target is not very ambitious as the industries need to grow at a combined rate of 14-15 per cent.
The Minister said that the success of the 8th edition of Indusfood 2025 is a matter of great satisfaction for the Government and complimented the Agricultural and Processed Food Products Export Development Authority (APEDA) and Marine Products Export Development Authority (MPEDA) for organising the event. He added that both organisations have played a crucial role in India exporting $50 billion of goods last year.
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, ownership, and management are allowed. The Government also allows work permits easily for those who want to work in India or set up businesses in India, he added.
The Minister urged the Indian companies to invest in innovation, better packaging, in sustainability, to mechanise their processes to make them more hygienic and encouraged the stakeholders present to bring out high-value products on nutrition that the Government can use for its food security programmes in the country.
On promoting sustainability in the food industry, Goyal highlighted that the Government is prioritising making farming processes sustainable and is working to promote organic farming and food products. There is a tremendous growth potential in organic farming and the Government has eased certification processes for organic foods while maintaining the sanctity and traceability to ensure no irregularities creep in the system, he noted.