The 2017 World Food India event in New Delhi was inaugurated yesterday by Prime Minister Narendra Modi. On the first day, 13 global and domestic companies made commitments to the Indian Government. They promised to invest a cumulative amount of Rs. 68,000 crores over the next few years in food processing.
PepsiCo Inc., plans to invest Rs.13,340 to build food and beverage manufacturing units in the next five years. Their Rival, Coca-Cola Co., promised Rs.11,000 crores to increase the use of Indian fruits in its beverages.
ITC Ltd., will invest Rs.10,000 crores in food processing over the next five to seven years. Patanjali Ayurved Ltd., has also decided to invest Rs.10,000 crores towards food processing.
Prime Minister Modi started the World Food India event by stressing on the importance of the Food Processing Sector. “Food processing is a priority sector under the Make in India program.”
Modi said at the inauguration, “Increasing urbanization and a growing middle class are resulting in an ever growing demand for wholesome, processed food.”
The Prime Minister also mentioned plans for farmers of the country, “We have a stated target of doubling farm incomes within five years…. we launched a national level program, the Pradhan Mantri Kisan Sampada Yojana, to create world class food processing infrastructure.” Modi assured the program will benefit over 2 million farmers and create half a million jobs by the end of three years.
The companies investing in the Indian Government were previously made plans. The official announcement was done at the World Food India event yesterday.