British companies have been invited to invest in India’s booming food sector, which is being driven by changing consumer preferences.
On a visit to Britain, India’s minister for food processing Harsimrat Kaur Badal said on Tuesday (September 6) that the government would offer “full support towards new collaborations and greater investment in the sector”.
“With increasing disposable income and changing consumer preferences in India, retail and e-commerce are booming in the food segment and this is where the opportunity lies,” Badal told investors, including UK companies.
The minister spoke at a roundtable discussion titled Food Processing in India: Collaborative Opportunities organised by the Indian High Commission in London and the Confederation of Indian Industry (CII).
Senior representatives from Sainsbury’s, Holland & Barrett, Diageo, Typhoo Tea, British Agri Food Consortium, Food and Drink Federation, Whittard of Chelsea, and Food and Drink Exporters Association were among those who attended the discussion.
The minister also had meetings with key executives from Tesco, Marks & Spencer, Partridges, McCormick & Company and Waitrose, among others.
The Indian government recently allowed 100 per cent foreign direct investment (FDI) through the Foreign Investment Promotion Board (FIPB) route in marketing of food products produced and manufactured in India.
“Over the past two years, the government of India has taken a number of policy decisions to spur vibrant growth in the food processing segment. With such a progressive policy outlook, we will offer full support towards new collaborations and greater investment,” the minister said.
