Amazon to soon invest in Food sector :badal

NewDelhi June 13: A good news for food processing Industry.

Food Processing Minister Harsimrat Kaur Badal said that the Union government will soon clear Amazon's prosal of $ 500 million investment in the retail of food products.

She said that there is some delay in clearing the proposal due to the abolition of the FIPB Foreign Investment Promotion Board. She also said that the company's proposal will now be considered and approved by the Department of Industrial Policy and Promotion (DIPP).

Ms. Badal said that huge investment is a need of the hour in the food processing sector to reduce the huge wastage during post-harvesting and transportation. She said that the industry is growing at 10 % and we should aim for 35 % growth.

Finally, she hoped that more investment will come in the sector because of the recent changes in FDI policy.