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September, 2006 Pragati Maidan, New Delhi, India |
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FDI In Food Processing Segment Set to increase
Industry to set to hit the $3bn mark
Foreign direct investment (FDI) in the country’s food sector is poised to hit the $3-bn mark. In the last one year alone, FDI approvals in food processing have doubled.
Add to this the $55mn that has been invested in sugar and cooking oil companies, and you can see how the changing diet of upwardly mobile India along with the new mega food parks are becoming dishy to overseas investors. Foreign direct investment in food already beats the money being pumped into the far-more-glamorous hotels and tourism industry.
According to latest industry ministry data, the cumulative FDI inflow in food processing reached $2,804m in March ’06. In ’05-06, the sector received approvals worth $41m. This figure is almost double the Rs 100 crore ($22m) approved in ’04-05.
As a result, the food processing segment now has an almost 4% share of the total FDI approved by the government. To put that in perspective, cumulative foreign direct investment in hotels and tourism by March ’06 was only Rs 4,984 crore ($1,371m).
Date: 22-Jun-2006
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