Vol. 1, Issue 13, Part M (2015)

The fast-growing Indian economy has changed the country's diet from cereal to fruits, vegetables, milk, fish, meat, and dairy products. Food Processing Industry has grown due to this consumption shift. Our country's key sector, agriculture, meets our basic needs, but it can't boost economic growth by itself. Industries are crucial to national development. Food processing is one of the key industries that will propel India's growth. The Indian food processing industry dominates production, consumption, export, and growth. Due to leading food processing companies like Nestle India Ltd., Cadbury's India Ltd., Kellogg's India, Hindustan Unilever Ltd., ITC-Agro, Godrej Foods, MTR Foods Ltd., etc., this industry has become India's growth engine. Global companies in India have also helped India's economy. It's encouraging to see that while the country's GDP grew from 3.5 percent in 2002-03 to 9 percent in 2006-07, the food processing industry grew from 7 percent to 13.1 percent. The Food Processing Industry has greatly benefited the Indian economy by increasing agricultural yield, productivity, job opportunities and living conditions for a large number of people, particularly in rural areas. When the Indian government created its industrial policy, it included food processing as a priority sector. With the 2002 Competition Act, food processing industry reforms began. Industrial reforms aim to make industry an asset. This Act was intended to accelerate the growth of the food processing sector, particularly through raw material use, as the growing demand for processed food has also contributed significantly to GDP growth over the last two decades. Both developed and developing nations depend on the food processing industry. High-value commodities replace traditional agriculture commodities as income and wages rise.