India Called for Investment in Contract Farming
New Delhi: Prime Minister Narendra Modi called for greater private investment in contract farming and sourcing of raw materials, extolling India’s diverse strengths in agriculture, the country has the world’s second-largest arable land area and 127 diverse agro-climatic zones.
Inaugurating World Food India, a global event organised by the Ministry of Food Processing Industries, to take advantage of the “great opportunity” that awaits them “as doing business in India had become easier than ever before”, in partnership with the Confederation of Indian Industry, the Prime Minister called upon global supermarket chains.
He also said, “Private sector participation has been increasing in many segments of the value chain. However, more investment is required in contract farming, raw material sourcing and to create agri linkages. Many international companies in India have taken a lead in contract farming initiatives. This is a clear opportunity for global supermarket chains to consider India as a major outsourcing hub."
Modi said farmers are “central to our efforts in food processing”, adding that to achieve the doubling of farm income within five years.