Correct Answer : Option (D) - $500-530
According to a report, the Indian food processing industry is on the verge of a transformation, with a strong agricultural background and several favourable trends supporting its progress. The industry could potentially grow at a CAGR of 10-11 percent to reach $500-530 billion by FY27.
According to the report, by addressing immediate challenges and focusing on reducing food waste, increasing food processing penetration, and increasing exports, the sector could potentially double in size to $600-650 billion in the same period.
According to McKinsey & Company, the report's Knowledge Partners, India has emerged as a global agricultural powerhouse, and it is now the world's second-largest agricultural producer, leading in the production of cereals, pulses, fruits and vegetables, sugar, and milk.
The agricultural sector not only accounts for 19% of India's GDP, but it also employs nearly half of the population. Between 2000-01 and 2020-21, the per capita agricultural GDP increased at a CAGR of 6% to $15,056 per year. Between FY 15-20, the country's food processing industry grew at an 11 percent CAGR to USD 300-320 billion. In terms of growth, it outperformed Brazil, the United States, and China in 2021, particularly in cereals..Source : Krishi Jagran
Published On : August 6, 2022
Category : Indian Economy