India’s agri exports to touch USD 40 bn.

Sharma inaugurated the 27th edition of AAHAR, here on Monday.

Speaking on the occasion, he said, “India’s food market is estimated at over US $ 182 billion, accounting for about two third of the total retail market. The per capita packaged snack food consumption may be low in India presently but is growing, hence there is a huge market waiting to be tapped. I am sure that AHHAR will be the driving engine of economic growth.”

"We are emerging as a major exporter of food grains. We do hope that by 2014 India’s agri/food export will reach 40 billion US $," the Minister added.

He informed the gathering that, Basmati Rice is the single largest export product in India's agri-export basket and it has an acknowledged brand value in the world.

In his address Sharma informed that, AAHAR offers two independent platforms -- Food India and Hospitality India.

During his speech, the Minister said, “We have the second largest area of arable land in the world and today India is the world’s second largest producer of food next to only China, ranks 1st in production of milk, accounting for over 15% of global milk production, third in food grains production at 235 million tonnes and fisheries at 7 million tonnes.

"This is a dramatic transformation in our agrarian economy from being net food importer, has turned to a food surplus economy."

He said, “We are the second largest producer of fruits and vegetables in the world with an annual production of 240 million tonnes, yet the post-harvest losses are unacceptably high, hovering in the range of 35-40%. There are huge weaknesses in the entire food value chain infrastructure in absence of adequate cold chain facilities, storages and transportation facilities."

"Filling the infrastructure gap requires massive private sector investments. The Government has consciously taken a number of incremental liberalization measures in the FDI regime. Foreign investment is the backward infrastructure is allowed up to 100% up to the Cash and Carry level.

"We would welcome foreign investors to partner with us in bringing food processing technologies which will not only save the losses, but also given consumers a wider choice. The FDI Policy in Multi Brand Retail will see a calibrated liberalisation in the coming months," he said.

Source : indiablooms.com