Indian government’s strategy of opening up foreign investments up to 100% in retailing, processing and marketing food in India has attracted the attention of a number of food brands from the UK, Italy and Brazil.
Union food processing minister, Harsimrat Kaur Badal stressed on this by saying , ”I have had very positive meetings with all the big food retail brands in U.K. —Tesco, Sainsburys, Waitrose, Marks and Spencer, Harrods, Partridges, Holland and Barrett — and I can say one thing, everyone is looking at India positively and their first destination for expansion happens to be India.”
The minister has also been invited by the Italian government, on September 29 to meet their food producers and retailers who have shown an interest in the Indian market.
Claiming that the Indian consumers are ready for the global retailers, Ms. Badal said, “India’s food economy is growing at a faster rate than the economy and our food and grocery market is the sixth largest in the world. The average Indian spends about 40% of their wallet on food.”
The ministry is also looking forward to organising a World Summit in January, 2017, where some big food retailers, packaging companies, processors, logistics and farmer producer organisations as well, are expected to be present. “Some of these global players are also looking at using India as a sourcing base to import from,” Ms. Badal added.
September 14, 2016