Sunday, July 27, 2008

Food Processing sector has vital role in Indian economy

by Jenny Hodge

Indian Minister for Food Processing Industries, Mr. Subhodh Kant Sahai, says that the Agriculture and Food Processing are very important sectors of the Indian Economy. India holds tremendous advantages in agriculture for processing and value addition, contributing 19 per cent of country’s GDP.

While speaking at the CII organised Summit on Processed Food – Advantage India 2008 “Feeding Global Business Opportunities”, Sahai said that the sector presents a huge growth opportunity for the country.

The minister further said that Food Processing Sector is a tax less sector, within four years the taxes have come down from 40 per cent to 5 per cent. The Ministry of Food Processing is expanding specific initiatives to bring the food processing sector in line with other booming sectors like automotive and IT.

The Ministry has brought in integrated food law, thereby paving the way for merger, amendment as well as repealing 15 separate laws that currently govern the country’s food sector. This law also proposes to empower a single authority to implement the integrated law. Further, the total outcome of the 11th Five Year Plan would be coming in shortly.

 

 

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