Govt Vows Transparency on Food Processing Investment

New Delhi, Jun 19 (PTI) The government will refrain from sharing exaggerated figures on investments at the World Food India event this year until they are fully verified and materialized on the ground, Union Minister Chirag Paswan said on Wednesday.

Addressing media at the curtain raiser of World Food India's third edition scheduled for September 19-22 here, the Food Processing Industries Minister sought to allay concerns over the status of investment made in the food processing sector during the last two editions.

Responding to a PTI query on the status of investments made in the previous two editions and any plans to tighten MoU conditions, Paswan said, "Investments are promised while signing an MoU and there is a gestation period (for implementation). It is only after that we come to know how much has been grounded. Henceforth when we talk about investment, we will mention those investments which can be grounded."

Paswan, who also launched a mobile app and website of the third edition, said, "We are very clear that we will not keep any big figures of investment before you which are not grounded."

"Me, my whole team and the ministry are very clear that we will not provide any exaggerated figures of investment. That's why I have not mentioned any figures in front of you unless we fully verify them."

This was Paswan's first media briefing after taking charge as a union minister in the third term of the BJP-led NDA government.

In the first edition held in 2017, the government attracted an investment of USD 11.25 billion, while in the second edition held in 2023, the investment was USD 3.98 billion, as per the official data.

Highlighting the untapped potential of the Indian food processing sector, Paswan said World Food India provides an international platform to showcase India's strength and exchange ideas, innovation, technology and investments.

"Till date, we have not even tapped 10 per cent of the food processing sector's potential. The contribution of this sector will be important for achieving the Prime Minister's vision of 'Viksit Bharat' (developed nation) by 2047," he said.

He stressed on the need to set up processing units near farm gates to ensure better realization to the farming community and reduce post harvest losses.

Minister of State for Food Processing Industries Ravneet Singh Bittu, Food Processing Industries Secretary Anita Praveen and other senior officials were present.