By TIOL News Service

NEW DELHI, NOV 05, 2017: "Food is the real sunrise industry of future India,” noted Mr Suresh Prabhu, Hon’ble Minister of Commerce and Industry. He was addressing a session on ‘Retail – Base of a Billion Consumers’ at the World Food India being organized by the Ministry of Food Processing Industries with the Confederation of Indian Industry (CII) as National Event Partner in New Delhi.

Underlining the importance of the food industry, the Minister emphasised the need to interlink food processing, consumption and delivery to address the changing food habits of people. He reiterated that the food industry needs to strengthen regulatory norms and standards to comply with international norms. This will lead to more investment in this sector and create more jobs.

Mr Sada Shiv Nayak, Chief Executive Officer, Future Retail Limited, and Future Consumer Limited, stressed that retail is an active proponent in driving the food industry. Recalling the Prime Minister’s words, he said that it is important to double the productivity of farmers. He explained that the word ‘premium’ needs to be replaced with the word ‘right price’, as retailers must create the product, identify markets and discover the right price.

Mr Arvind Kumar Singhal, Chairman and Managing Director Technopak Advisors Pvt. Ltd., said by 2030 India’s top five cities will be economies comparable to select middle income countries of today. Food and grocery in modern retail is expected to grow by US$ 27 billion by 2022 and will create new jobs, he added.

The panel discussion revolved around policy reforms and perceived impact as well as investment opportunities in retail segment. Participants discussed how to involve people from the ecosystem and what should be the integrating points in this segment.

Focusing on the value chain, Mr Krish Iyer, President and Chief Executive Officer Walmart India, explained the importance of retail as a connector that drives consumption and food processing, which in turn promotes and creates jobs in the country. Reassured by the Government’s plans in this sector, he mentioned that retailers must focus on how to address the market correctly.