Agricultural and Processed Food Products Export Development Authority (APEDA) has signed a memorandum of understanding (MoU) with the Punjab State Cooperative Supply and Marketing Federation Ltd, (Markfed) for setting up a state-of-art technology-based modern food processing complex at Marked Canneries, Chuharwali village in the district.
The total project cost is Rs 43.15crore wherein APEDA's contribution will be Rs 10crore.
Santosh Sarangi, secretary, APEDA and Dr Karmjeet Singh Sra, managing director, Markfed inked the MoU documents in the presence of senior officers from both sides.
The curries, as traditional Indian ethnic recipes, have found an alluring export market, which has been growing at over 35% per annum, as it caters primarily to a large segment of Indo-Asian population sharing somewhat similar food habits, a Markfed official revealed, adding that, "in recent years ready-to-eat products from India have become popular amongst the mainstream importing countries also."
"It is estimated that close to one million Indian homes spend $200 a month on Indian groceries, condiments and foods. This works out to $2.4billion market size in the US. In UK, there are 6,000 Indian restaurants with a combined turnover of $3billion, equivalent to a third of the entire restaurant industry in that country," the official said, adding that, "We expect export order worth Rs 72.84crore per year by the end of next five years."