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FDI in FP grows by 175%
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Monday, 23 August, 2010, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Minister for food processing industries Subodh Kant Sahai has confirmed that foreign direct investment (FDI) in the food processing sector witnessed a 175 % during 2009-10 to $279.33 million. Sahai was addressing the Rajya Sabha when he informed that in 2008-2009 foreign inflows were $102.64 million.
“The inflow of FDI in food processing sector had increased from $102.64 million to $279.33 million (in 2009-10), which was a 175 % growth," Sahai said.
The minister said that the food processing sector had benefited with innovative technologies, and improved quality of products because of foreign funds.
"FDI is expected to bring new products, improved quality and new technology in the food processing sector, resulting in higher employment, and reduction in wastage of agri-products," the minister said.
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