Food processing sector attracted foreign direct investment (FDI) of USD 421.51 million during April-January period of 2014-15, the government said today.
"Food Processing is one of the fastest growing sectors of the economy and the sector is growing at 8.4 per cent," Food Processing Minister Harsimrat Kaur Badal said in an official statement.
She said the country has the potential to become a global leader in food processing sector.
Badal informed that 100 per cent FDI is permissible in food processing sector through automatic route except for items reserved for Micro and Small Enterprises (MSEs).
"During (Apr-Jan) 2014-15, the sector has attracted USD 421.51 million FDI in the country," she added.
Stating the high level of wastages in perishables is a challenge, Badal said the government is making efforts to promote food processing industry to reduce wastage of farm produce and ensure higher returns to the farmers.
Recently, Ministry has sanctioned 17 new mega food parks to attract investment in the sector and will sanction about 30 more new Cold Chain projects.
The minister said that there is an immense potential in food processing sector to generate employment in the country.
"Food processing industry is one of the major employment intensive segments constituting 13.04 per cent of employment generated in all Registered Factory sector in 2012-13," she said.
