Professional Documents
Culture Documents
Government of India
Knowledge Partner
Message
Food processing industry in India is increasingly seen as a potential source
for driving the rural economy as it brings about synergy between the
consumer, industry and agriculture. A well developed food processing
industry is expected to increase farm gate prices, reduce wastages, ensure
value addition, promote crop diversification, generate employment
opportunities as well as export earnings. This sector is also capable of
addressing critical issues of food security and providing wholesome,
nutritious food to our people.
However we still have some way to go before we are able to grab these
opportunities. Even today we are grappling with issues of quality and
quantity of raw produce, supply chain and wastage related problems, low
levels of value addition and a very small portion of the global trade. This
requires all of us, at the Center and at the State level to work as one single
cohesive unit.
With a leadership position in the production of several key agricultural
commodities including cereals, fruits & vegetables and dairy products,
India's supply strength in agriculture is immense with the potential to
emerge as the leading agro economy of the world.
I am confident that this joint effort by FICCI & KPMG will be instrumental in
further strengthening the global ties between India and global food
business, by highlighting the business potential in the agri-food business
sector.
Message
Buoyed by a favorable policy environment and the demand-push impact of a young
consuming class with growing disposable incomes, India undoubtedly offers a huge
investment opportunity in the food and agribusiness sector, and is set to become a world
leader in food business.
The Indian Food Sector is estimated to be INR 10,360 billion in 2009-10 and is expected
grow at a compounded annual growth rate of 8.1% for the next 5 years, throwing up hug
opportunities for investment across the entire value
. With
chain
a population of more than
one billion individuals and food constituting a major part of the consumer's budget, this
sector has a prominence next to no other businesses in the country.
the Moreover
importance of this sector to India's economy becomes all the more relevant, considering
the fact that this sector continued to perform well, despite fall in GDP number and poo
performance by many other industries, during recession in 2008-09.
The government on its part has initiated extensive reforms to remove legislative barriers
and introduce facilitatory measures to catalyse private sector activity in food and
agribusiness sector. To promote private sector activity and invite foreign investments in
the sector the Government allows 100% FDI in the food processing & cold chain
infrastructure.
This joint effort by FICCI & KPMG will be helpful in further strengthening the business ties
by highlighting the opportunities for private investments and Public-Private-Partnerships
in the agri-food business sector.
Shrijeet Mishra
Chairman, FICCI Food Processing Committee
to
uge
or
s,
study
expected
starts
growth
with
and
the
market
projected
landscape
size
of
of
various
food
sector
segments
in
In
within
th
sector over the next 5 years. The study also looks at the growth d
key trends and challenges in the sector.
food value chain in detail and assesses the impact of the same on th
sector. The
document
concludes
with
discussion
of
opportunities
few
recommendations
to
the
Government
to
improve
th
iii
Executive Summary
The Indian Food Sector is estimated to be INR 10,360 billion in
2009-10 and is expected to grow at a compounded annual
growth rate of 8.1% for the next 5 years1. The expected
growth is marginally higher than what has been recorded
during 2003 to 2007, in which the industry recorded a
compounded annual growth rate of 6.8% from INR 7700 billion
1529.6
1500
880.0
927.3
2006-07
2007-08
1000
979.1
1036.2
1210.9
500
0
2008-09 (E) 2009-10 (E) 2010-11 (P) 2014-15 (P)
7.9%
6.0%
8.0%
Dairy
Fish and Marine
Dairy
24.0%
3.8%
9.4%
24.4%
Packaged Food
0%
12.1%
10%
15%
20%
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25%
30%
iv
The food sector is expected to retain its growth momentum, aided by a few factors that can be
summarized as:
Rising disposable
income
Growth and
development of
infrastructure
Consumption pattern
shifting to convenience
products and services
Favorable policy
initiatives
Increasing consumption
in rural households
Growth of organized
retail
Export Opportunity
However, the inadequacies in infrastructure present across the entire value chain can hamper
growth. These inadequacies are a result of the insufficient investments made by both private
and public sector participants.
Farming
Inadequate levels
Lack of consolidation
Constrained capacity
Primary
processing
Secondary
processing
Food Services/
Retail
Information access
Poor media reach
Inadequate storage
infrastructure
Lack of cold storages
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The impact of this poor infrastructure has been the low levels of productivity in the sector, high
levels of wastages and high cost structures across the value chain. For instance, an
approximate break-up of wastages in the food sector is as depicted below:
Farmers production
Supply Chain
12-15% wastage
18%
18% of
of total
total
6%
6% of
of total
total
6%
6% of
of total
total
30%
30% of
of the
the total
total produce
produce wasted
wasted
These inadequacies,
Some key
forfor
private
andand
foreign
players
Some
keyopportunities
opportunities
private
foreign
players
Production infrastructure
Contract farming
opportunities private
Post-harvest processing
infrastructure
Food Supply Chain
Food Processing
Mega Food Parks
Foreign) to participate in
development in many
holistic infrastructure
ways.
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vi
The opportunities for participation from the public and private sector across the value chain of
the food sector has been summarized below:
Agricultural Sector
Agricultural inputs
Public Participation
Farming
Processing
Retail
Agricultural inputs,
irrigation and farm
machinery, grading
and sorting
infrastructure
Increase in
processing, packaging
and storage
infrastructure
Investment in
organized retail
development
Private Players
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vii
Contents
Food Sector in India
13
14
26
Opportunities
29
37
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is
2000
higher
marginally
1500
1210.9
880.0
1000
979.1
927.3
1036.2
industry
recorded
compounded
500
annual
2007-08
The Indian food industry can be broadly segmented into the following:
Segment
Examples
Staple Food
Dairy
Fisheries
Beverages
Dairy
24.0%
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largest
producer
INR '000 Crores
400
329.0
300
206.0
218.3
231.4
245.3
260.0
200
fruits.
100
fruit
0
2006-07
2007-08
of
Area
under
cultivation
is
vegetables is 7.59 million hectares . The market size of the fruits and
vegetables segment is estimated to be INR 2450 billion in 2009-10 and
forms almost a quarter of the Indian food sector. Fruits and vegetables
market is expected to grow at a compounded annual growth rate of
around 6% over the next 5 years from the base of 2009-104. The major
components of the Indian fruits and vegetable processing industry are
pulps particularly of tomatoes & mangoes, ready to serve juices,
canned fruits, jam, pickles, squashes, etc. The fruits and vegetable
processing industry in India is highly decentralized with a large number
of units are in the cottage/home scale and small scale sector. Exports
of fruits and vegetables happen in both fresh and processed forms. In
2008-09, India's export of fresh fruit and vegetable was estimated at
INR 35 billion and in the case of processed fruits and vegetables, it
stood at INR 30.6 billion5.
3
4
5
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Dairy
Dairy is one of the
key contributors to
the
366.0
400
300
198.0
213.8
230.8
249.2
269.0
Indian
Food
staple
food
200
products.
100
0
2006-07
2007-08
10,
it
At
INR
formed
another quarter6 of
the food sector. India is the leading producer of milk in the world, with
112 million tones of milk produced during 2009-107. India has a large
livestock base constituting 278 million livestock including 180.5 million
cattle, 82.8 million buffaloes, 4 million sheep and 9.2 million goats. The
livestock population is projected to increase to 322 million by the year
20158. Dairy market is expected to grow at a compounded annual
growth rate of aroun d 8% over the next 5 years from the base of
2009-109. Milk processing in India is around 35% (in volume terms), of
which the organized dairy industry account for 13%10 of the milk
produced. Significant portion of the produced milk is consumed unprocessed through unorganized channels. Packed milk sub-segment is
largely dominated by various co-operatives in the states of Gujarat,
Tamil Nadu, Karnataka, Punjab, Rajasthan, Kerala etc. Processed milk
products such as Ghee, Cheese, Cottage Cheese, Butter, Ice creams
and other traditional milk based products are increasingly getting
organized
with
players
investing
heavily
in
technology
and
KPMG Analysis
http://economictimes.indiatimes.com/markets/commodities/Indias-milk-production-rose-to-112-mn-tonnes-lastfiscal/articleshow/6223863.cms
8
Ministry of Food Processing of India Estimates
9
Ministry of Food Processing of India and KPMG Analysis
10
Ministry of Food Processing of India
7
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60
50.0
50
40
30
24.0
26.4
29.0
31.8
35.0
20
10
0
compounded
2006-07
2007-08
annual
11
12
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of
exclusive
economic
INR '000 Crores
60
50
40
52.0
38.0
39.6
41.4
43.1
45.0
augment
zone
Indias
enormous
30
20
opportunities
10
for
0
2006-07
2007-08
products
13
14
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Packaged Foods
With
changing
lifestyles
and
increasingly
INR '000 Crores
busy
91.0
100
schedule
80
60
43.0
40
11.0
15.5
2006-07
2007-08
20
21.7
30.6
individuals,
of
packaged
acceptance
amongst
the
0
2008-09 (E) 2009-10 (E) 2010-11 (P) 2014-15 (P)
population.
urban
This
is
Beverages
Aerated drinks constitute the third largest packaged foods regularly
consumed after packed tea and packed biscuits. India is the third
largest market for alcoholic beverages in the world. The market size of
alcoholic beverages is estimated to be INR 140 billion in 2009-10 and
contributes around 1.3% to the Indian food industry. Beverages market
15
16
KPMG Analysis
KPMG Analysis
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is expected to grow at
a compounded annual
30
24.0
25
20
15
10.0
11.1
12.2
13.6
15.0
10
2009-1017.
0
2006-07
17
2007-08
KPMG Analysis
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Consumption pattern
shifting to convenience
products and services
Favorable policy
initiatives
Increasing consumption
in rural households
Growth of organized
retail
Export Opportunity
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10
the Food Sector. These include several initiatives to improve the level
of food processing, increased FDI levels across the food sector, export
promotion policies, mega food parks, etc. which are all driving the
growth in the sector.
Increased FDI in the food sector
Measures such as Single window clearing system for Agri/food
projects, Development of agri-processing zones near coastal areas,
State investment in development of logistics systems, etc. have
resulted in increased FDI into the Food Sector. FDI inflows into the
sector were USD 2.4 billion between 2007 and 2010, compared to
USD 1.3 billion in the previous 7 years22.
Growth and development of infrastructure
The government of India has taken a few key measures to encourage
investments in food infrastructure. The planned outlay during the 11th
plan (2007-12) in food related infrastructure is to the tune of INR 643
billion23. Apart from this, measures are being taken to encourage Public
Private Partnerships (PPP) in the sector and to assist state
governments to develop the required market infrastructure. The
Government has announced a 15-25% capital subsidy to facilitate the
construction of rural godowns.
22
23
Fact Sheet on Foreign Direct Investment (FDI), Department of Industrial Policy and Promotion
Planning commission
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Trends
Some of the emerging trends in the sector are summarised below:
Key Trends
Challenges
One key challenges for the food sector has been the increasing volatility of prices. The global
demand-supply scenario has been in an unstable equilibrium and there have been many supply
shocks in the food sector in the last few years. This coupled with the fast growing economies
in worlds two most populous countries (India and China) has resulted in large scale volatility in
prices for many food products. Managing this volatility will be a key challenge for the players.
Erratic climate is another challenge that the food sector in India has come to face of late.Many
of the last few monsoon seasons had been erratic and floods and draughts have become
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common. Untimely rain has lead to crop destruction in many instances, adding to the food price
volatility.
The tightly regulated nature of the sector is another challenge faced by the companies in the
sector. Hurdles of taxes and licenses still remain large in the sector.
However, the biggest challenge has remained the lack of adequate infrastrcure in most parts of
the food value chain. This report will look in detail the inadequacy of infrastructure across the
food sector and explore the opportunities that the private sector has in bridging this gap, which
is, no doubt, crippling the sector and hamepering the potential growth prospects.
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13
Food
and
Beverag
es,
34.8%
Others,
65.2%
over the years, it remains to play a crucial role since it employs about 52% of the Indian
workforce.
The share of public and private spending on food and agricultural infrastructure has remained
low in relation to this critical role that it plays in the economy. The share of agricultural and
allied sector has remained 6-7% of the public investments and 7-10% of the private
investments as depicted in Table 1.
Table 1: Public and Private Investment in Agriculture & Allied Sectors
(at constant prices)
Investment in agriculture & allied sectors
(INR crores)
Year
Total
Public
Private
Total
Public
Private
2004-05
78,843
16,183
62,665
7.5%
6.7%
8.1%
2005-06
93,121
19,909
73,211
7.7%
7.1%
8.2%
2006-07
94,400
22,978
71,422
6.7%
7.1%
6.9%
2007-08
110,006
23,039
86,967
6.8%
6.1%
7.3%
2008-09
138,597
24,452
114,145
8.7%
5.9%
10.2%
24
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Agricultural Services
1.3%
Food Sector
3.3%
Fermentation Industries
0.7%
Other Food related
0.4%
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Farming
Primary
processing
Secondary
processing
Food Services/
Retail
Farming
Inferior Farm Inputs
Adoption of better inputs can improve output significantly. New
technologies are needed to push the yield frontiers, utilize inputs more
efficiently and diversify to more sustainable and higher value cropping
patterns. The right crop selection techniques can considerably
influence the chances of obtaining the desired output and innovative
solutions to input distribution and usage extension can enable the
creation of a sustainable farming system.
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17
25
Planning Commission
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Retail
Despite the fast growth over the last few years, the organized retail
penetration in the food sector has remained low in India. Organized
sales account for just about 1% of the total food and grocery spend.
Organized retailing can consolidate the supply chain across the value
chain and bring in efficiencies by consolidating the supply chain and
rationalizing the intermediaries. This will help in reducing wastages and
reducing the consumer prices, at the same time increasing the farmer
realizations. India also compares poorly in terms of the penetration of
organized food retail in comparison with other countries.
One key value addition of organized retail in the developed countries is
the presence of private label players. Typically the product category
picked at the earliest stage of private label development would be one
for which several generic or commodity suppliers are available. Slowly,
the private labels should evolve in terms of customer knowledge and
insight, product design and quality, pricing, promotion and supply chain.
This evolution is a key value addition of the organized retail which adds
innovation to the products, brings more choices to the customer and in
general drives down the prices. However, this aspect is completely
lacking in the organized food retail in India, even after accounting for
the low levels of penetration in the market.
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Poor transport infrastructure not only affects the quality of produce but
also leads to extensive wastage. Development of rural roads can
contribute up to 36-68 percent reduction in transport expenses.26
Inadequate Storage Infrastructure
One of the major challenges that remain in the Indian agriculture supply
Nearly 20 million tonnes of
wheat, rice and lentils; the
equivalent of Canadas
gets spoilt
and distress sales.27 In most of the rural areas, food grains are typically
stored in rooms, bamboo structures, wooden or mud bins and
underground structures that are prone to damage by rats and insects.
The total covered storage capacity available with the Food Corporation
of India (FCI) and the Central and State Warehousing Corporation is 50
million tonnes28 compared to food grain production of nearly 600
million tonnes which very well indicates lack of adequate storage. Out
of this capacity, 13 million tonnes in covered and plinth (CAP) and
plinth-only form which are just open dummy depots, difficult to be
considered as proper storage facility. While the farmer is forced to sell
his produce at a lower price immediately post harvest as a result of this
problem, this issue can be addressed through investment in silos for
storage.
Vertical silos are less capital intensive, clean, safe and economical in
the long term as compared to conventional horizontal warehouses
which require vast amount of land area, allows for malpractice and
prone to high infestation. However, not enough investments have been
made in this area. The total storage capacity of silos modern silo
26
27
28
Planning Commission
Planning Commission Report, January 2007
Economic Times, 26 August 2010
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system is just around 0.6 million tonnes29. The country needs to invest
more in creation of silo storage and create facilities for bulk handling of
food grain along with post-harvest operations that are consistent for
bulk handling. Use of latest grain processing technology for generating
higher yields and journey towards integrated grain processing units will
help India achieve long term food security.
Lack of Cold Storages
In case of horticulture products, the storage situation is worse. Even
though, Indias strength in the horticulture sector has led to a large
production base of fruits and vegetables, the large scale wastage due
to the lack of cold-storage infrastructure has prevented the farmers and
processors from reaping the benefits. The extent of losses of fruits and
vegetables in India is estimated at about INR 100 billion to 120 billion
per annum.30 The current cold storage infrastructure in India comprises
of around 4762 cold storage units with a capacity of 19.6 million
tonnes.31 However, most of the available capacity does not have
facilities to store a wide range of products across varied temperatures.
Again, a sizable chunk i.e. 50 percent is used only for potatoes and a
large percentage of it is either underutilized or non-utilized for most of
the year.
Marketing Infrastructure
In addition to direct physical infrastructure required to support the
agricultural sector, there is a strong need to supplement it with
marketing information/intelligence while addressing various challenges
in the supply chain.
Even though there has been considerable progress to provide farmers
with market information relating to prices, farm inputs and weather
forecast, such information in remote rural villages is not easily
29
30
31
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23
32
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24
Soft Infrastructure
Research and Development
Research and Development (R&D) is another link in the agricultural
ecosystem, which has seen mixed development. While the green
revolution ushered in remarkable changes in Indias agriculture, nothing
on that scale has been achieved since, except perhaps in the area of
dairy farming thanks in large part due to co-operatives such as AMUL.
Several experts have argued for the need for a second green revolution
especially in the area horticultural products, but Indian agriculture is yet
to witness developments on that front.
In order to improve farm productivities, continuous introduction and
implementation of innovative technologies calls for existence of a
strong R&D network. While substantial investment is made in this
regard, the efforts have not been rewarding. This is purely because of
lack of a clearly stated strategy that assigns definite responsibilities,
prioritizes the research agenda rationally, and recognizes that the
research mode is not always best suited for product development and
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Poor validation and feedback mechanisms: Lack of large-scale onfarm validation of techniques and feedback thereon, leading to
practically no scope for enhancement
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8000
8000
6000
6000
4000
4000
2000
2000
0
Egypt
US
China
World
India
Egypt
China
India
World
US
Food wastage
33
34
Planning Commission
ICRIER Working Paper 197
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27
Farmers production
Supply Chain
12-15% wastage
18%
18% of
of total
total
6%
6% of
of total
total
6%
6% of
of total
total
30%
30% of
of the
the total
total produce
produce wasted
wasted
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28
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Opportunities
We believe that the commercial viability and sustainability of the Food
and Agriculture sector critically depends on the infrastructure provided
at each stage of the food and agri value chain.
The integrated development of infrastructure across the entire food
value chain offers very attractive opportunities for companies, Indian
and foreign, at every level. Realizing some of these opportunities will
need the support of the Government through policy interventions or
Public-Private Partnership (PPP) initiatives.
Agricultural Sector
Agricultural inputs
Public Participation
Farming
Processing
Retail
Agricultural inputs,
irrigation and farm
machinery, grading
and sorting
infrastructure
Increase in
processing, packaging
and storage
infrastructure
Investment in
organized retail
development
Private Players
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member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
30
35
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member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
31
Production infrastructure
The Indian agriculture is in the process of modernization, and is seeking
massive investments in production and distribution of agricultural
inputs such as seeds, plant nutrients, plant protection chemicals, seed
multiplication facilities, cattle feed and feed supplements, controlled
production facilities, farm mechanization etc., that have so far remained
in very early stages of development in India. This offers huge
opportunities for players with sufficient technological and marketing
capabilities. Foreign players in a particularly advantageous position here
and can offer latest farming methods, protected cultivation techniques,
cropping patterns & technologies, advanced milking and feeding
systems, milk processing equipment, genetic engineering,
nanotechnology, farm-to-market systems, etc. India imports most
machineries used in the food sector and offers an opportunity for
indigenous development of such machinery through partnerships.
Contract farming
Eighty percent of Indias 115 million farms are situated on plots of less
than 2 hectare. A little over 1 percent of all farms are larger than 10
hectares and these constitute 15 percent of the cultivated land. With
organised retail penetration increasing and governments proposed
mega food parks obviating the need for an intermediary, contract
farming is an opportunity for the processors to enable better handling,
better price realisation and minimise wastage. In order to bridge the
gap between farmer and processor, some of the private players such
as McCain, PepsiCo, Reliance Life Sciences and McDonalds have
modified their sourcing channels to include contract farming. Typically,
the farmer agrees to provide certain quantities of a specific agricultural
product which should meet the quality standards of the purchaser and
be supplied at the time determined by the purchaser. In turn, the buyer
commits to purchase the product and, in some cases, to support
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member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
32
2010 KPMG Advisory Services Private Limited, an Indian limited liability company and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
33
Source: Company Website, From field to fries, Business Today, April 2009
2010 KPMG Advisory Services Private Limited, an Indian limited liability company and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
34
this area in India has been absolutely insignifcant, and offers huge
potential going forw ard.
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member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
35
Food Processing
The low share of processed food and global trade is an opportunity
waiting to be tapped. Increasing urbanisation and rise in disposable
incomes will further push demand for processed food. This is an
opportune time for companies to invest in quality facilities and develop
products with features that appeal to the growing Indian consumer
base and the export markets.
2010 KPMG Advisory Services Private Limited, an Indian limited liability company and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
36
2010 KPMG Advisory Services Private Limited, an Indian limited liability company and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
37
2010 KPMG Advisory Services Private Limited, an Indian limited liability company and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
38
successful PPP initiative, like QCI, will help improve infrastructure and
hence low level of wastage in the food value chain.
Technology upgrade through policy push
Government needs to support the industry in granting fiscal incentives
for capital investment towards technology upgrade. The companies
that are constrained by finances into upgrading to latest technology in
food processing will need to have an incentive and tax breaks are
helpful in initiating the technological change. This will lead to enhanced
quality and a better value addition.
Support for Backward Integration
Companies that invest substantial amounts in integrating the value
chain should receive government support. The companies help in
farmers realising a better price for their produce by minimising the
intermediaries in the value chain. The government should create a
conducive policy environment for investment in backend of the supply
chain.
Modernizing Irrigation Systems & Techniques
Greater emphasis is required on investments in physical rehabilitation
of existing water reserves and on modernization of irrigation systems essential for improving the efficiency of water use.
Filling information gaps
Agricultural extension is critical for narrowing the more general
knowledge gaps that exists in our agriculture. States must begin by
filling up field-level vacancies in extension and provide much better
training, including at State Agricultural Universities and KVKs. Alternate
delivery channels spanning Rural Knowledge Centres, Information and
Communication Technology based extension, farmer-to-farmer
2010 KPMG Advisory Services Private Limited, an Indian limited liability company and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.
setting up more facilities for R&D in the country, private sector should
be incentivised for investments in R&D. The government can provide
tax exemptions for investment in R&D for the companies that set up
research laboratories and can ask the companies to help projects of
Small Scale Industries or make the companies spend money in
imparting training to a certain number of people. This will promote
innovation in the Food Processing sector and bridge skill gaps.
uld
40
About FICCI
Established in 1927, FICCI is the largest and oldest apex business
organisation in India. Its history is closely interwoven with India's struggle
for independence and its subsequent emergence as one of the most rapidly
growing economies globally. FICCI plays a leading role in policy debates that
are at the forefront of social, economic and political change. Through its 400
professionals, FICCI is active in 52 sectors of the economy. FICCI's stand on
policy issues is sought out by think tanks, governments and academia. Its
publications are widely read for their in-depth research and policy
prescriptions. FICCI has joint business councils with about 100 countries
around the world.
A non-government, not-for-profit organisation, FICCI is the voice of India's
business and industry. FICCI has direct membership from the private as well
as public sectors, including SMEs and MNCs, and an indirect membership
of over 83,000 companies from regional chambers of commerce.
FICCI works closely with the government on policy issues, enhancing
efficiency, competitiveness and expanding business opportunities for
industry through a range of specialised services and global linkages. It also
provides a platform for sector specific consensus building and networking.
Partnerships with
It has branch offices in major Indian cities and key regions in the world such
as US, UK, Italy, France, Malaysia, China, Singapore, Thailand and
Kazakhstan.
Federation of Indian Chambers of Commerce and Industry (FICCI)
Federation House, Tansen Marg, New Delhi-India
Ph: +91-11-23738162(D) 23738760-70 (Ext.222)
Fax: +91-11-23320714
E : sudhir.cifti@ficci.com, anaam.sharma@ficci.com
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NOTES