The government on Friday said it had signed 13 deals with domestic and multinational firms that will bring in investments worth Rs 68,000 crore to India’s food and agriculture sector.
ITC, PepsiCo, Patanjali and Coca-Cola Co were among the various firms that signed memorandums of understanding with the ministry of food processing industries on the first day of the ongoing three-day World Food India event in New Delhi inaugurated by Prime Minister Narendra Modi.
“The combination of traditional Indian food, with modern technology, processing and packaging, can help the world rediscover the health benefits of Indian food ingredients,” Modi said.
“We have already signed MoUs worth Rs 68,000 crore on the first day of World Food India and more investment is set to come over the next few days,” Union Minister for Food Processing, Harsimrat Kaur Badal said, according to PTI.
PepsiCo said it will invest Rs 13,300 crore to set up a food and beverage plant while rival Coca-Cola announced a Rs 11,000-crore investment for juice bottling infrastructure and fruit processing plants and equipment.
ITC and Patanjali signed MoUs to invest Rs 10,000 crore each. Amazon, UAE’s Sharaf Group and Yes Bank were among the major investors on Day One.
“Such investments will help us realise the goal of doubling farmers’ income as well as generating massive employment in the food processing sector,” Badal added.