Foreign direct investment (FDI) in multi-brand food retail is in the interest of both consumers and farmers as it will bring down food inflation, create more jobs and lead to rapid infrastructure development, a minister said.
The Ministry of Food Processing Industries has urged Prime Minister Narendra Modi to allow FDI in multi-brand food retail.
"I have requested the Prime Minister that we must allow FDI in multi-brand retail of food which is grown and processed in India because it will give the push and the thrust to create that infrastructure which will help the industry prosper," Minister of Food Processing Harsimrat Kaur Badal said.
She was speaking at an event organised by the Associated Chambers of Commerce and Industry of India (Assocham).
The globally established brands and multinational companies will promote technology transfer, something which has been missing in India due to a lack of infrastructure, she said.
Badal said there is an urgent need to promote policies and create conducive environment in which the food processing sector can flourish.
"Food processing sector can play a catalytic role of uplifting the farmers, controlling inflation, providing safe and healthy food, address malnutrition needs and ensure nation’s food security," she said.
Badal also said that considering almost 16 per cent of farm produce worth over Rs 92,000 crore gets wasted largely due to lack of infrastructure, it is imperative for the government to make demand-driven agricultural policies and put requisite infrastructure in place.
BW Reporters
Haider Ali Khan is an alumnus of IIMC. He holds a degree in English Journalism from the prestigious campus. His passion includes Aviation, Technology, Politics and Sports.
