Food Processing Sector Expectations from Budget 2024

As India gears up for Union Budget 2024-2025 which sets the tone for national development, the Food Processing Sector expects an emphasis on agriculture and related industries due to their vital role as the primary occupation for majority of the Indian population. The evolving landscape, characterized by rising incomes, heightened urbanization, and changing consumer preferences, highlights an increasing demand for processed food. Agriculture is experiencing a shift, expanding beyond conventional crops to emphasize fruits, vegetables, dairy, poultry, meat, and fisheries.

Projections suggest that by 2030, the agriculture and allied sectors could generate over USD 800 billion in revenue. To boost farmer incomes, the need of the hour is infrastructure development, integration of technological solutions, and enhancements in the overall ease of doing business. However, a focus on policy direction combined with effective promotion of investments is essential to strengthen the agricultural supply chain.