The latest edition of The Hindu magazine has revealed that the food sector in India has become the country’s most lucrative.
It’s a stark change from just two years ago when the food industry was dominated by the traditional food sector.
In 2015, the food market was worth Rs 8,700 crore, or about Rs 1,300 crore today.
In 2018, it was worth $1.6 trillion, or $1,200 crore.
The rise in prices has been fuelled by two factors: the rise in food-related employment and food inflation.
In 2018, India’s food sector employed 1.5 million people, and was worth more than $1 trillion, The Hindu report found.
In India, about 80 per cent of the population uses the food and drink industry to make their livelihoods.
The report also found that more than 80 per,% of the total production of the food supply chain is done by just four companies: Nestle, Nestle India, Coca-Cola and Nestle Italy.
The report pointed out that India’s share of the global food market has dropped from 35.2 per cent in 2000 to just 4.9 per cent today.
The decline has been attributed to several factors.
“The decline in the Indian food sector has been the result of many factors.
One is the increase in manufacturing costs,” the report said.
“Second, the growth of the Indian consumer is largely fuelled by increased consumption of packaged foods.
Third, the increase of food prices has led to a decline in household consumption and consumption of convenience foods.”
In 2018 the food prices in India increased more than 40 per cent from the previous year, with prices going up at an average annual rate of 1.7 per cent.
According to the report, the inflation in India is also higher than the global average.
The average CPI in 2018 was 2.29, which was more than three times the global rate of 0.8 per cent and almost double the CPI in the UK, where inflation was just 0.2.
The CPI in India in 2018 is 0.82, more than a third of the average inflation in the world.
The CPI in 2017 was 1.8, compared to 1.4 in 2018.
The inflation in 2017 had hit 5.5 per cent, the highest in the developed world, according to the CPI data.
The Hindu also reported that in 2018, the cost of food in India was 2,907 per cent higher than in 2020.
The number of food items sold at a retail price was also growing at an annual rate, from 6.3 billion items in 2020 to 7.9 billion items by 2018.
In the same period, the number of packaged food items increased from 9.6 million to 13.4 million, and the number from 2.5 to 3.4 billion items.