Govt to invest 33,129 crore in India's food processing sector

During the second edition of World Food India, both global and domestic investors have pledged a significant investment of Rs 33,129 crore into India's burgeoning food processing sector, as announced by the government on Monday.

The Union Food Processing Industries Ministry formalised Memoranda of Understanding (MoUs) with several companies during the three-day World Food India event, which concluded on November 5.

An official statement indicated that the event's impact was substantial, with the signing of MoUs totalling Rs 33,129 crore, showcasing the event's pivotal role in advancing India's food processing industry.

Prominent companies such as Amul, ITC, Mondelez, Kellogg's, AB InBev, IB Group, Balaji Wafers, Ananda Dairy, Fertis, and Bikanerwala were among the signatories.

Addressing the event's valedictory session, President Droupadi Murmu noted that the first edition had garnered numerous investment commitments, with "Rs 22,711 crore of investments grounded or completed thus far."

The first edition took place in 2017, with subsequent editions being postponed due to the COVID-19 pandemic.

(With PTI inputs)