Industry body, Confederation of Indian Industry (CII) said that according to a study conducted by it, the food processing sector can be helpful in increasing the income of farmers besides generating thousands of jobs. According to the report ‘Unlocking Value in India’s Food Processing Sector’ released during the 14th edition of Foodpro 2022 here, the food processing industry is expected to be worth USD 530 billion during the next five years.
This report has been produced by McKinsey & Company, which acted as the ‘Knowledge Partner’ for the event. “This growth is expected to reach $600-650 billion, provided food wastage is limited, food processing is enhanced and there is a sustained focus on increasing exports,” it said. According to the report, India has emerged as a global agricultural superpower and is the second largest country in the production of cereals, pulses, fruits and vegetables, sugar and milk. “Agriculture not only contributes 19 per cent to the country’s Gross Domestic Product (GDP), but also supports the livelihood of nearly half the population,” the report said.
There can be a substantial increase in the income of farmers
According to the report, “The per capita agricultural gross domestic product (GDP) grew at a compound annual growth rate (CAGR) of six per cent between 2000-01 and 2020-21 to Rs 15,056 per year, while the industry grew at Rs 15,056 per year for FY 2015-2020. grew at a CAGR of 11 per cent to $320 billion between “A greater emphasis on food processing can not only help India bring richer, more convenient food options to the world, but can significantly increase farmers’ incomes and create thousands of jobs,” it said. can.
The Government of India is also promoting food processing to increase the income of farmers. Through this, farmers can make and sell many products from agricultural produce by coming in groups or by forming FPOs and FPCs. This can lead to a good increase in their income. This is the reason why food processing is being encouraged. Farmers are getting good income by making by-products from agricultural products. At the same time, it is also protecting the yield from spoilage. The food processing sector is very effective in generating employment at the local level.
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