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Food-processing sector to grow 10%
By agencies
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Monday, 30 May 2005, 19:30 IST
NEW DELHI:The food-processing sector is expected to grow at 10 percent per year by 2010, attracting a minimum investment of Rs 20 billion, according to a study by the Associated Chamber of Commerce and Industry (Assocham).
Called the "Food Processing Industry - WTO Perspectives", this study found that markets in developed countries will provide additional export opportunities for agricultural and agro-based processed products for countries such as India due to reduction in import duties, removal of non-tariff barriers and reduction in subsidies to domestic agriculture.
Assocham's projections are based on the assumption that the Integrated Food Law will be effectively put in place and that the National Food Processing policy as well as the Processed Food Development Act, will create a conducive atmosphere for the industry.
The chamber said that an investment of about $10 billion has been made in the sector during the Ninth-Plan period and the Government is expected to put an additional investment of $2 billion towards the end of Tenth-Plan period.