In a bold move, the PHD Chamber of Commerce and Industry (PHDCCI) in a report has anticipated that India’s food processing sector is likely to reach USD 700 billion by FY2030.
The Chamber in the report Viksit Bharat@2047 stated that India’s food processing sector is expected to reach USD 1100 billion by FY2035, USD 1500 billion by FY2040 and USD 1900 billion by FY2040 and USD 2150 billion by 2047.
According to the report, the food processing sector stands as a linchpin in India's economic advancement, fostering robust synergies between industry and agriculture.
“This dynamic landscape propels diversification and commercialization in agricultural practices, optimising resource utilisation, augmenting farmers' earnings and broadening export opportunities for agro-based products and employment opportunities,” it added.
The Indian economy is displaying robust growth post-Covid pandemic despite continued global headwinds. India’s economy will attain the size of USD 34.7 trillion by 2047 with a per capita income of USD 21,000, the Chamber stated.
“For our economy, sectoral value added will be 12 per cent of Agriculture, 34 per cent of Industry and 54 per cent Services, with a share of manufacturing in GDP at 25 per cent by 2047, said Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry.
India is poised to become a prominent player in the World economic ecosystem with the size of the semiconductor industry at USD 750 billion, the size of renewable energy at 1500 GW, and the size of the food processing industry at USD 2150 billion by 2047, Agrawal added.
He also stated that India is adopting modern practices including artificial intelligence, enhancing internet penetration, and adopting world-class logistic techniques among others. India’s rank will be among the top five countries in the government AI readiness Index, the size of exports (merchandise and services) will be USD 10 trillion and India will be among the top five countries in the Global Innovation Index by 2047.
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