India Inc has made strong commitments for investments in the food processing ecosystem on the first day of the World Food India. A total of 16 memoranda of understanding (MoUs) were signed between the Ministry of Food Processing Industries (MoFPI) and various companies, as per an official statement.
“These agreements amounted to a total investment of around ₹17,990 crore. These included a slew of domestic and international packaged food companies. Some of the key players included Mondelez India, Kellogg India, ITC, Innobev, Nedspice, Ananda, General Mills, and Ab Inbev, among others,” the statement read.
Additional MoUs are expected to be signed on Saturday, when more companies will be making investment commitments, officials said.
The Ministry of Food Processing Industries also organised a roundtable discussion on the inaugural day of World Food India 2023 . The event was co-chaired by Union Minister Pashupati Kumar Paras , Ministry of Food Processing Industries and Union Minister Piyush Goyal , the Ministry of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles. This roundtable was attended by CEOs from over leading 70 companies having a presence in the food processing sector. Government officials also attended the roundtable.
“The discussions in the roundtable primarily revolved around topics such as ease of doing business, investment and sourcing interests, and gathering industry insights on the existing gaps in the value chain within the Indian food processing sector,” the official statement added.
Discussions were held in the areas of Production-Linked Incentive scheme, GST, dairy industry as well as agri-processing space among others, sources added.