WAM
12 Jan 2025, 00:50 GMT+10
NEW DELHI, 11th January, 2025 (WAM) -- India has allowed 100% foreign investment in the food and beverage sector, full foreign ownership, and complete foreign management of such foreign-owned enterprises, the Minister of Commerce and Industry, Piyush Goyal, has announced.
"The government will sanction speedy and easy work permits for those who want to work in such enterprises or set up food and beverage businesses in India," Goyal said in a landmark announcement.
The Minister set a target of $100 billion in combined exports from India in the food and beverage, agriculture and marine products industries in the next five years.
Emphasising the promotion of sustainability in the food industry, Goyal said the Ministry of Commerce and Industry is prioritising on making farming processes sustainable. It is also promoting organic farming and organic food products.
"The government has eased the certification processes for organic foods while maintaining their sanctity and traceability to ensure that no irregularities creep into the system," he added.
India exported $50 billion worth of food, beverage, agricultural and marine products last year.
Goyal complimented the Agricultural and Processed Food Products Export Development Authority and the Marine Products Export Development Authority for this export drive.
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