The Union Budget presented by Finance Minister Arun Jaitley on February 1st focused on the creation of jobs in apparel and its allied sectors. Analysts now believe that food processing industry will hold key to creation of jobs in the coming years in India. The job sector in India looks bright in coming years.
The research done by ASSOCHAM Grant Thornton has found that food processing industry will be able to attract an investment of over $33 billion and can generate employment for over 90 Lakhs people by the year 2024. The Jobs by 2024 will depend on growth in this sector.
The report further points out that food processing industry can contribute effectively to employment generation in India. Policymakers in India too have identified food processing industry as a key sector which is likely to encourage the movement of labor. This shift is likely to take place from agriculture to manufacturing sector.
Indian food processing sector is also likely to reach $482 billion by the year 2020. This figure was $258 billion in the year 2015. Noticeably, India’s food processing export accounted for 12% of the total export. India’s processed food export has also grown at a compounded annual growth rate of 23.3% from Financial Year 2011 to Financial Year 2015.
With ample care being taken on these components during the budget, it is natural that food processing sector is likely to receive a boost in coming days and many jobs by 2024 will be generated.
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