ICFA Working Group on Food Business
In India, the food sector has emerged as a high-growth and high-profit sector due to its immense potential for value addition, particularly within the food processing industry. The Indian food processing industry accounts for 32% of the country’s total food market, one of the largest industries in India and is ranked fifth in terms of production, consumption, export and expected growth. It contributes around 14% of manufacturing Gross Domestic Product (GDP), 13% of India’s exports and 6% of total industrial investment.
With globalization and increasing trade across the borders approximately about 460 mn tonnes of food valued at US$ 3 billion is traded annually. India has thus, a great potential for global trade in agricultural and processed food products. The share of food processing exports in total exports was around 12% in the last few years. During 2011-15, India’s exports of processed food related products have been growing at a CAGR of 23.3%. India has a location advantage as it is geographically close to key export destinations (Middle East, South East Asia). The industry is witnessing significant reforms by the Government of India and several State governments such as 100% FDI under government approval route for trading, including e-commerce, in respect of food products manufactured or produced in India; enhanced investment in the food processing sector; proactive steps simplifying ‘ease of doing business’, delisting of horticulture crops and insurance schemes to support the vulnerable farmers and farm products. International Conference on Food Processing organized by ICFA becomes the ideal platform for the stakeholders to discuss the issues, growth opportunities and explore possibilities of enhancing food processing in the country.
The Conference aims at achieving the following specific objectives: