The Hindu Business Line : `Greater credit flow likely'

This is the first-ever Union Budget that has focused attention on food processing and food technology. For some time now the food processing sector has required a renewed measure and formalised approach, which the Budget now brings to the table. The National Institute of Food Technology, Entrepreneurship and Management, for which Rabo India Finance (RIF) had submitted the feasibility study and detailed project report (DPR), is slated to be an institute of international acclaim and will produce world-class business leaders, globally competitive products through frontier research, and international best practices in food technology and management. The setting up of terminal markets at various locations is likely to improve efficiencies along the supply chain, reduce wastages, improve farmer realisations, and provide better quality products to consumers. RIF had worked on the DPR for the setting up of the terminal market in Kolkata. The announcement on full exemption of excise duty on condensed milk, ice cream, preparations of meat, fish and poultry, etc., and reduction of duty on ready-to-eat packaged foods and instant food mixes from 16 per cent to eight per cent will fuel consumption.As the Indian market for ready-to-eat food might take a while to mature, this could be a chance to take some of these homegrown products to the overseas markets.

(As told to Business Line. Mr Bhasin is Managing Director and CEO, Rabo India Finance.)

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