India has the potential to reach $100 billion of combined exports in the food & beverage (F&B), agriculture, and marine products industries in the next five years, Commerce & Industry Minister Piyush Goyal said on Friday.
In his keynote address at an interaction with F&B industry stakeholders on the sidelines of Indusfood 2025 here, the minister emphasised that the target is not very ambitious as the industries need to grow at an achievable combined rate of 14-15 per cent.
He complimented the Agricultural and Processed Food Products Export Development Authority (APEDA) and Marine Products Export Development Authority (MPEDA) for their key role in ensuring that India exported $50 billion worth 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, apart from which the government also allows work permits easily for those who want to work or set up businesses in India.
Goyal requested the Indian companies to invest in innovation, better packaging, sustainability, and mechanising their processes in order to make them more hygienic, and he requested the stakeholders in the house to bring out high-value products on nutrition that the government could use in its food security programs in the country.
In the context of promoting sustainability in the food industry, the minister said that the government is working at all levels to make farming processes sustainable and is promoting organic farming and food products.
There is 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 into the system, he noted.
Goyal also said that the government is looking to expand food testing laboratories across the nation and also noted that it will welcome suggestions on equipment and processes needed to set up high-quality testing laboratory facilities. He appealed to the stakeholders to travel to other parts of India to acquire ideas on the varied tastes and flavors the country has to offer and hoped that the Indian F&B industry and its partners will continue to innovate and bring global standards in the country and take Indian products to the world.
The minister further highlighted that pre-packaged, ready-to-eat foods from India have also found success abroad, and millets, pickles, and spices have found traction as more pre-packaged foods are finding markets both in India and internationally.
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