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MFIL was a wholly owned Central Government-owned PSU. This was the first privatisation of public sector unit by the government of India. Modern Foods had over 40% of the bread market in India. [3] HUL was the sole bidder for Modern Foods. It paid Rs 10.5 million, as per the valuation exercise undertaken by its valuer ICICI, for 74% of the shares.
Packaged food aisles at an American grocery store Parmigiano Reggiano cheese produced in a modern factory Battery cages in Brazil, an example of intensive animal farming. The food industry is a complex, global network of diverse businesses that supplies most of the food consumed by the world's population.
The fast food industry in India has evolved with the changing lifestyles of the young Indian population. [citation needed] The variety of gastronomic preferences across the regions, hereditary or acquired, has brought about different modules across the country.
A forerunner for the modern restaurant is the thermopolium, an establishment in Ancient Greece and Ancient Rome that sold and served ready-to-eat food and beverages. These establishments were somewhat similar in function to modern fast food restaurants. They were most often frequented by people who lacked private kitchens.
The food industry offers products that fulfill many different needs: e.g. fully prepared ready meals that can be heated up in the microwave oven within a few minutes. Modern food processing also improves the quality of life for people with allergies, diabetics, and other people who cannot consume some common food elements.
In the last 10 years, the revenue in FMCG industry in India has been growing at the rate of 21.4%. [2] There was a drastic change in revenues in FMCG sector growing from US$31.6 billion to US$52.8 from 2011 to 2017-2018 respectively. [3]
Worldwide employment In agriculture, forestry and fishing in 2021. India has one of the highest number of people employed in these sectors. As per the 2014 FAO world agriculture statistics India is the world's largest producer of many fresh fruits like banana, mango, guava, papaya, lemon and vegetables like chickpea, okra and milk, major spices like chili pepper, ginger, fibrous crops such as ...
Induction of modern technology into the food processing industries from both domestic and external sources. Maximum utilization of agricultural residues and by-products of the primary agricultural produce as also of the processed industry. To encourage R&D in food processing for product and process development and improved packaging.