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Food Industry in India to Grow to $310 Billion by 2015: CII

New Delhi: The Indian food industry is estimated to be worth over $200 million and is expected to grow to $310 billion by //2015, said the Confederation of Indian Industry (CII).

The growth of the food industry is also going to give a major thrust to the already booming food retail industry, which is currently growing at nine percent.

These issues and deliberations will all be discussed in a two-day international food meet to be held in New Delhi April 10-11, which will see the participation of the UN's Food and Agriculture Organization (FAO). The meet has been organized under the auspices of CII.

"The Indian food industry - both primary and processed - is poised for a rapid growth. India has the potential to become a reliable outsourcing partner in the food sector," CII said in a statement.

Indian food brands are rapidly entering the global retail market and a breed of foreign taste masters are currently operating in India.

The global food industry is also expected to witness major growth and expansion as more and more countries are replacing the tariff barriers with non-tariff barriers to maintain standards.

The summit will also seek to bring in global perspectives and hold discussions on a range of issues pertaining to food regulatory systems, sustenance of quality by organizing interactions between producers and processors to ensure food safety in the food chain.

Through the summit, CII also intends to develop an action plan for defining the guiding principles and the roadmap for standard setting and implementation thereof for the food sector.

Source-IANS/L
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