A comprehensive approach to tackling vegetable price hike through sustainable food processing

illuminem summarizes for you the essential news of the day. Read the full piece in The Hindu Business Line or enjoy below

🗞️ Driving the news: A significant increasein vegetable prices in India, notably in areas like New Delhi, is raising alarms for consumers and policymakers
• Unforeseen monsoon patterns and consequent flooding this year have gravely hindered the supply chain, leading to a sharp inflation in costs

🔭 The context: Despite India's ranking as the world's second-largest fruit and vegetable producer, with over 300 million tonnes annually, it processes merely 2-3% of its yield
• This lack of processing causes substantial waste and amplifies price surges
• The stark difference when compared to China and the USA, processing 25% and 55% of their crops respectively, emphasizes the imperative to boost India's processing capabilities

🌎 Why does it matter for the planet: Embracing sustainable food processing practices can minimize wastage and ensure efficient utilization of resources, contributing to environmental sustainability

⏭️ What's next: The Government of India, through the Ministry of Food Processing Industries, has taken initiatives like the Pradhan Mantri Kisan Sampada Yojana (PMKSY)
• The scheme aims to develop modern food processing infrastructure, which can stabilize vegetable prices and provide a consistent year-round supply

💬 One quote: "Adopting sustainable food processing practices offers numerous benefits in addressing the challenges of the vegetable price hike" ( Vicky Dodani, Author of the article)

📈 One stat: The food processing sector contributed ₹2.24 lakh crore to the Gross Value Added (GVA) in 2019-20, which was 1.69% of the total GVA in the country
• Moreover, the sector attracted $709.72 million in foreign direct investment during the 2021-2022 financial year

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