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01-09-2010, 05:03 AM #1
Rs.10 trillion investment in food processing by 2015: Sahay
The central government plans an investment of Rs.1 lakh crore (Rs.10 trillion), including from the private sector, in the food processing sector by 2015, union Food Processing Minister Subodh Kant Sahay said Friday.
'We have an investment plan of Rs.1 lakh crore by 2015. We are looking at it to happen through private participation,' he said on the sidelines of a business summit on the North-East here.
In the last five years, food processing in India has grown nearly 10 per cent, he said, adding it aims to register a growth of around 20 percent by 2015.
Sahay said his ministry was concerned about the goods and services tax (GST).
'Food cannot be taxed. Ours is the only ministry to have brought down food related taxes to negligible level. With the GST (Goods and Services Tax) coming up, our effort will be to push the food taxes in 0-4 percent band and restrict it there,' the minister added.
He also urged the states to formulate a food processing industry policy to further strengthen the activities within the sector.
Sahay said he was also hopeful of setting up 30 mega food parks by next year. As of now 70 percent work of almost six parks is completed and another four are in the process of completion, he added.
'We also plan to have one food park in each north-eastern states,' he said.
'The need of the hour is market driven farming to enable an assured income for our farmers and help them grow. The states should look out for such investors,' Sahay added.