India'S Food Processing Industry Seen At $260-Bn In 6-Years

The food sector has a huge potential and the industry's growth would reach $320-billion by 2020 .The food processing industry will grow 30-40 per cent as against the present 15 per cent in the next 10-years,Ernst and Young's Associate Director, Shrikanth Kamat, said. 

On the global food sector, the food products industry is expected to reach $3,137.2-billion by 2011. Only 6 per cent of total agro output of India is currently processed as against 80 per cent in some developed countries. Currently food products in the organised sector are high-priced because of multiple taxes. The Goods and Services Tax (GST) which is proposed to be implemented from April 1, 2010, will help reduce prices of manufactured products.

Potential for processed foods is estimated to reach from Rs 8,200-billion in 2009-10 to Rs 13,500-billion by 2014-15, India produces 41 per cent of the world's mangoes, 30 per cent of cauliflowers, 28 per cent of tea, 23 per cent of cashews, 36 per cent of green peas and 10 per cent of onions