Exports of food products can become a valuable growth driver for the Indian food industry, leveraging the historic base and new speciality categories where India has great potential to emerge as a strong brand abroad, according to the latest update on the industry by McKinsey.
The updated Food and Agricultures Integrated Development Action released by McKinsey called upon the government to enable direct access to agricultural produce, create level playing field through tax reform, enhance growth of key enablers like retail, reduce market interference and facilitate new export initiatives.
The report, released on Monday at Foodpro 2003, the exposition organised in Chennai by the Confederation of Indian Industry, has identified emergence of an organised retail sector, value additions and convenience driven by consumers, India's growing acceptance as sourcing hub and continued deregulation of the food sector as the four positive trends.
It pointed out that mass market of basic foods, value added foods and exotic foods and their exports were the main opportunities for the Indian food industry adding that there will also be a significant growth in terms of input providers, logistics suppliers and retail.
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