Foreign direct investment in the food processing sector is expected to cross $1 billion in the next two years, helped by reforms in FDI space and streamlining of FSSAI regulations, Union Minister Harsimrat Kaur Badal has said. Highlighting the achievements of two years of the government, Badal said that her ministry has permitted development of 17 new food parks across the country and is making efforts to operationalise all 42 parks by 2019, which will help double the processing level of fruits and vegetables to 20 per cent. The government has announced 100 per cent FDI in marketing of food products produced and processed in India, in this year’s Budget. Besides food parks, the rules and regulations of the food regulator FSSAI have been streamlined to boost the food processing sector, said Badal. The food processing sector has attracted $463 million worth of FDI during April-February of the last fiscal. According to Badal, growth of the food processing sector will help farmers get better price for their produce as well as lead to reduction in wastage and lower prices of fruits and vegetables.
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