With 100% FDI, food sector priority in Make In India: PM at Food conference

Prime Minister Narendra Modi addressing at the World Food India 2017 inaugural session in New Delhi. Photo: PTI

Modi said a single-window facilitation cell provided hand-holding for foreign investors and there were attractive fiscal incentives from the Union and state govts


LATEST NEWS : Prime Minister Narendra Modi on Friday said the food sector that allows 100 per cent foreign investment was the priority in the government's ambitious "Make In India" programme.

Launching a three-day global conference on the food industry here, Modi said food processing was an age old practice in India and simple, home-based techniques like fermentation had resulted in the creation of "our famous pickles, papads, chutneys and murabbas that now excite both the elite and the masses across the world".


He said the government had taken a range of "transformational initiatives to make the country "most preferred investment destination in this sector".

"It is priority sector in our 'Make in India' programme. 100 per cent Foreign Direct Investment is now permitted for trading including through e-commerce of food products manufactured or produced in India," Modi told the World Food India conference that will see the participation of over 2,000 delegates from 200 companies from some 30 countries.

Apart from representatives of 28 states, it will also see participation of 18 ministerial and business delegations, nearly 50 global CEOs along with heads of all leading domestic food processing companies.

Modi said a single-window facilitation cell provided hand-holding for foreign investors and there were attractive fiscal incentives from the Union and state governments.

"Loans to food and agro-based processing units and cold chains are classified under priority sector lending, making them easier and cheaper to obtain," the Prime Minister said.

Modi said the recently launched unique portal - Nivesh Bandhu (investor's friend) - would bring together information on central and state government policies and incentives provided for the food processing sector.
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