Policy reforms like liberalisation of FDI in multi-brand retail and implementation of GST can attract investments from UK companies into the domestic food supply sector, according to a report titled, India-UK collaborations and investments in food supply chain, prepared by Dun & Bradstreet Tangram.
According to a report in PTI: “…government needs to hasten various policy and regulatory reforms like right compensation for land acquisition, liberalisation of FDI in multi-brand retail, implementation of GST and green channeling for agri produce,” said the report.
These measures will “push India-UK collaborations and investments in food supply sector where huge opportunities and potential remain to be tapped fully”, it said.
Unless FDI is allowed in multi-brand retail and the rigid conditions are removed, the food supply chain sector will not get the desired investments, the report added.
The study also emphasised that it is urgent for the government to implement GST since apart from creating a unified market across India, GST will help make India’s manufacturing competitive by cutting high logistics costs.
For better movement of agriculture products, the report said that government should establish ‘green channels’ along national highways and economic corridors to speed up the movement of trucks.
The report focuses on five areas of the food supply chain — storage and warehousing, cold-chains, packaging technology, skill development and R&D.
It was jointly released by former Agriculture Secretary Siraj Hussain and First Secretary, UK Trade and Investment, British High Commission, Anthony Cooper.
The report provides an overview of each of these segments in India and the UK, examines the regulations, identifies the areas of collaborations and the barriers faced by UK companies in India.