New Delhi: The food processing sector is likely to register 30 per cent growth by 2015, Minister of State for Food Processing Industries Subodh Kant Sahai told reporters here today.

"We will re-orient our target in the vision document as the food processing sector has registered 18 per cent growth in 2006-07," Sahai said, adding government was earlier aiming 20 per cent growth in the sector by 2015. When asked how much growth he forsees, the minister said it would be around 30 per cent.

He said with the increase in the processing level, the wastage of fruits and vegetables has been reduced by Rs 3,000 crore to Rs 47,000 crore in this period.

Sahai highlighted that the processed food industry is contributing 16 per cent to the overall growth in the manufacturing sector.

He also said the government would announce the location of five mega food parks by December 15. "After receiving the consultant's report, we will decide on locations for five parks which are planned in initial phase out of the proposed 30 mega food parks," Sahai said.

The minister also hoped to achieve Rs 1,00,000-crore investment target in the processed food sector as set in the vision document, which was released in April 2005. "The investment in the 2005-06 increased to Rs 34,000 crore from Rs 30,000 crore in the previous year and it may have crossed Rs 40,000 crore by now," Sahai said.

He also said foreign direct investment in the food processing sector jumped to Rs 441 crore in 2006-07 from Rs 174 crore in 2004-05.

Source : PTI