FDI in India's food processing sector reaches $368 million in April-Sep
The food processing sector in India received foreign direct investment (FDI) worth $368.37 million this fiscal (till September), the Parliament was informed
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New Delhi, Dec 6: The food processing sector in India received foreign direct investment (FDI) worth $368.37 million this fiscal (till September), the Parliament was informed.
Country-wise, Ireland invested $83.84 million, Singapore $48.45 million, Mauritius $41.65 million and the United States, $38.60 million, informed Minister of State for Food Processing Industries, Ravneet Singh Bittu, in a written reply to the Lok Sabha.
Other key countries are Australia at $20.18 million and Mexico $9.59 million in the April-September period in the current financial year.
The total FDI in the food processing sector was $608.31 million in FY24, informed the minister.
The sector is being promoted through Pradhan Mantri Kisan Sampada Yojana, Production Linked Incentive Scheme for Food Processing Industry (PLISFPI and Pradhan Mantri Formalization of Micro food processing Enterprises (PMFME) scheme.
Under PLISFPI, 213 projects have been completed till date, resulting in employment generation to the tune of 289,832 people.
PLISFPI is intended to support creation of global food manufacturing champions and support Indian brands of food products in international market. The scheme is being implemented over a six-year period from 2021-22 to 2026-27 with an outlay of Rs 10,900 crore.
The Ministry also launched PMFME scheme for providing financial, technical and business support for upgradation of existing micro food processing enterprises as well as setting up of new units. The scheme is operational from 2020-21 to 2025-26 with total outlay of Rs 10,000 crore.
Meanwhile, India's organic food products export reached $447.73 million in the first eight months of this fiscal (FY25), and are set to surpass last year's export figures.
In the current financial year, the total amount of organic food product exports reached 263,050 metric tonnes (MT) till November 25 and the export of organic food products stood at $494.80 million last fiscal (FY24).
