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LATEST NEWS UPDATES | Farm laws scrapped: India’s food processing sector may get hit badly -Arnab Dutta

Farm laws scrapped: India’s food processing sector may get hit badly -Arnab Dutta

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published Published on Nov 19, 2021   modified Modified on Nov 20, 2021

-BusinessToday.in

With all FMCG majors betting heavily on these reforms, their sourcing and expansion plans may now be impacted severely.

The abrupt change in the government’s stance on the three controversial farm laws may have far-reaching implications for the country’s food processing sector that involves leading fast-moving consumer goods (FMCG) majors and a market larger than Rs 2.6 lakh crore.

With the farm laws are now set to get revoked, a slew of aspects directly related to the packaged food and beverages industry is now under the scanner. From the sourcing plans of fast-moving consumer goods majors to the recently introduced production-linked incentive (PLI) scheme on food processing, the latest development has forced industry stakeholders back on the drawing board.

As per the industry association Confederation of Indian Industries (CII), the three farm laws had the potential to “enable better price discovery for farmers while creating a National Market for agriculture” in the country. 

Suresh Narayanan, Chairman, CII National Committee on Food Processing and Chairman & Managing Director, Nestle India had earlier said that the measures will lead to “reduction in wastage, increase in investment in extension services to improve productivity and returns as well as the creation of on-farm post-harvest infrastructure. The reform process will also give a boost to the food processing sector with enhanced opportunities for strengthening and scaling micro food processing enterprises, an integral part of the agriculture sector.”

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BusinessToday.in, 19 November, 2021, https://www.businesstoday.in/latest/policy/story/farm-laws-scrapped-indias-food-processing-sector-may-get-hit-badly-312731-2021-11-19?fbclid=IwAR2bpNvWeb1QE_B8BGkRCp7iPOL1dzPkXsphujxMcSB8oOI_IItm2f3Yx6A


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