The food processing industry contributes three to five per cent more to the country’s gross domestic product than agriculture. Its growth rate is also faster. Improvements in this sector will not only increase its growth opportunities but will also contribute to strengthening food security and lowering food inflation. With this in mind, a major agribusiness and food processing conference, called Food 360 degrees, is being organised in Hyderabad on November 6 and 7. It focuses on leveraging the next wave of opportunities in the food services and food processing sectors.
S Sivakumar, Programme Chair – Food 360 degrees and the group head – Agri and IT businesses at ITC, added that one of the key problems the food processing industry could help solve is reducing agriculture wastage.
The current estimate of fixed assets investments (of capital assets) in the food processing industry is around Rs 150,000 crore. Sivakumar noted that this had a multiplier effect on employment as it provided to 10 million jobs in the food processing and agri-services sector. The industry could play a crucial role in ensuring job-led growth in the economy.
The conference, along with an exhibition, is being organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), in partnership with the government of Andhra Pradesh, consultancy firm KPMG and the International Crops Research Institute for Semi-Arid Topics (ICRISAT).
Another conference, the World Agricultural Forum (WAF) Congress with its agri-tech fair is also scheduled in Hyderabad from November 4 to 7. The event is being held for the first time in Asia since the WAF was set up in 1997. Its theme is that of re-shaping agriculture for a sustainable future with special focus on small farmholders. Sivakumar said Food 360 was being held around the same time to have a multiplier effect. It will focus on the next wave of opportunities in food services and the food processing sector.
There are also opportunities emerging in the export market which the conference could discuss. Sivakumar said agri and food product annual exports from India were more than $36 billion or 12 per cent of India’s total exports.
The Food 360 conference, which 600 delegates are expected to attend, apart from other international delegates and some from the WAF event who might also lend their presence, will discuss mega trends in this sector such as changing consumer preferences, technological developments, sustainability imperatives and the policy environment. J. A. Chowdary, Co-chairman, FICCI (Andhra Pradesh) and Conference Chair of Food 360, says a new ecosystem is emerging with lot of interests being evinced by venture capitalists and private equity investors in the food processing and agri-processing sector.
source: http://www.businesstoday.intoday.in / Business Today / Home> Biz Wrap> Corporate> Story / by E Kumar Sharma / August 19th, 2013