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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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