Modi gives ₹380 cr of seed capital assistance

Prime Minister Narendra Modi on Friday disbursed seed-capital assistance of ₹380 crore to over 100,000 self-help group (SHG) members at the World Food India summit, a global event that spotlights India’s food processing industry.

It will help SHGs gain better price realization through improved packaging and quality manufacturing.

Addressing the gathering, Modi said that India’s food processing sector had attracted an impressive ₹50,000 crore of foreign direct investment (FDI) in the past nine years. He underlined the country’s food diversity as an attractive proposition for global investors.

“Food is not just a big factor in shaping our physical health but also our mental health. Ayurveda talks about a balanced diet, healthy food and eating according to the seasons,” he said.

Talking about the production linked incentive scheme in the food processing sector, he said that it is providing huge assistance to new players in the industry.

Work is underway on thousands of projects under the Agri-Infra Fund for post-harvest infrastructure with an approximate investment of over ₹50,000 crore while processing infrastructure in the fisheries and animal husbandry sector is also being encouraged with an investment of thousands of crores of rupees.

“The investor-friendly policies by the government are taking the food sector to new heights”, Modi said.

In the last nine years, the share of processed foods in India’s agricultural exports had grown to 23% from 13%, marking an increase of 150%.

“Today, India stands at the 7th position with an overall export value of more than $50,000 million in agricultural produce,” he said.

“There is no sector in the food processing industry where India has not shown unprecedented growth and it is a golden opportunity for every company and start-up associated with the food processing industry.”

He stressed the importance of combining taste and technology for the future of the Indian economy, highlighting the crucial role of events like World Food India in ensuring food security in the 21st century.

He also spoke about the increasing participation of women in the food processing sector, with more than 90 million women associated with self-help groups.

‘World Food India 2023’ has a dual objective — showcasing India as the ‘food basket of the world’ by celebrating 2023 as the International Year of Millets.

The event will host 48 sessions addressing different aspects of the food processing sector, highlighting financial empowerment, quality assurance, and machinery and technology innovations and is featuring various pavilions showcasing innovation and strength in the Indian food processing industry.

‘World Food India 2023’ is set to attract participants from over 80 countries, including CEOs of prominent food processing companies. The event will also host a Reverse Buyer Seller Meet, bringing together over 1,200 overseas buyers from more than 80 countries.