The minister, who was briefing the media after returning from his 12-day visit to the US, also said the Union Cabinetwould soon take up a proposal that seeks to have an integrated strategy for development of food processing sector for final approval.
The cabinet would discuss the report submitted by the group of ministers, set up under chairmanship of Agriculture Minister Sharad Pawar, to consider an integrated strategy for growth of food processing sector, Secretary P I Suvrathan said.
Elaborating on his US-visit, Sahai said: "An investment of about Rs 1,00,000 crore (Rs 1000 billion) is envisaged in the food processing sector, of which the government will only have to spend Rs 10,000 crore (Rs 100 billion). The remaining Rs 90,000 crore (Rs 900 billion) have to be mobilised as private investment," Sahai said.
The minister said he got an enthusiastic response from investors and many companies have evinced keen interest in coming to India in filed of horticulture, dairy and meat processing.
During his meet with US Secretary for agriculture Mike Johanns, the minister said he suggested setting up a separate sub-committee for food processing under India-US Knowledge Initiative in Agriculture and joint lab so that SPS issues did not become a hurdle in trade between the two countries.
Sahai also informed that his ministry was in talks with Cornell University for providing technical support for setting up a National Institute of food technology, Entrepreneurship and Management in India.
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