Ad Here  
Sivasankaran enters taxi space to take on Uber and Ola Eyes strong growth in 2016-17 E.I.D Parry (India) Ltd: another sweet year PPP model for infrastructure development Preparing for the next growth curve Welcome focus to improve rural India... PSU non-life firms seek to protect share Carnival Films acquiring 3000 screens pan India M & M unveils driverless technology for tractors L&T profit up by 11 per cent The unexpected exit HPCL plans Rs.61,000 crore capex over 5-years V-Guard launches app-enabled water heater system Are they really independent? Kone India eyes further growth in elevator market Shriram Life clocks more than Rs.1000 crore premium in 2015-16 Michelin to double Chennai capacity Gamesa to set up a plant in Nellore Forging industry worried over lower supply of steel and its price TVS Srichakra plans capacity expansion Back in growth mode Ponni Sugars (Erode) Ltd: not so sweet 2012-13 Last stages Hyundai India achieves 7 mn production at Chennai factory Wabco launches safety system L&T bags the Mumbai Trans-harbour link order ITC chairman calls for policy impetus to transform agriculture Right to privacy – now it’s fundamental! CAPITAL NOTES Tata Steel, ThyssenKrupp sign MoU to merge European units Aurobindo Pharmacy: good turnaround Toyota and Suzuki to introduce EVs in India by 2020 From the toughest to the best year Mercedes-Benz sales continue to zoom Bajaj Finserv – Q1: fare well IOB on turnaround path TN government keen on revival of operations at Nokia complex TVS Automobile invests Rs.75 crore in start-up firms Tata Motors charts investments in PV and CV businesses Housing demand revival Nissan exit shouldn’t affect ALL AL introduces Guru & Partner Hindalco – re-rating Vellayan is back, after 150 days Sundram Fasteners rejigs international Smartphone onslaught by Chinese brands Tata gets 4-star rating for Zest Maruti – for young buyers Dish TV – subscriber additions encouraging New India Assurance posts impressive show TI Cycles plans retail expansion to drive sales for premium bicycles Record two-wheeler sales Smooth sailing of SAIL LVB posts 31 per cent growth in Q1 net profit Tata Motors aims to be among the Top 3 global CV & PV firm AL secures orders for 3600 buses It takes two to tango Yamaha unveils scooter boutique Daimler’s truck exports from Chennai cross 5000 units L & T’s floating dock for navy Is this a generation gap? Hyundai to focus on SUVs and AMT variants 29 per cent jump in TCS revenues L & T set bigger ambitions in defence business RoC in the dock... Daimler grows sales and share in India He excels in the nuts and bolts of entrepreneurship ITC – steep excise hike Singur minus Nano – victory or folly? Consolidating leadership position in smartphones Tata Motors bets on new launches AL wins Deming prize again Increasing market share Titan Company – sales recovery to kick in Tata Motors joins compact SUV bandwagon with Nexon Chinese smart phones flourish in small towns too! A niche in FMCG business... The gainers and the losers Ode to Ratan Tata When small is not so beautiful… A welcome initiative-even critics are recognised Solar installations exceed 2015 capacity in five months Land wars Rane targets Rs.5500 crore topline by 2018-19 Emami – a new growth mantra
ITC chairman calls for policy impetus to transform agriculture

Given the tremendous potential of the food processing industry to transform the future of the agricultural sector and create jobs, it is critical that this sector is allowed to grow faster with strong policy impetus, felt Y C Deveshwar, Chairman of ITC.

The tax incidence on food processing must be viewed from the perspective that it adds tremendous value to farmers and helps in ameliorating huge agri-wastages. A conducive taxation regime for the processed food industry will be crucial to multiplying farmer and rural incomes, besides creating large-scale jobs at the intersection of agriculture and industry, he said while addressing company’s 106th Annual General Meeting.

India’s colossal agri-wastage is estimated at Rs.92,000 crore. A large part of this wastage is in perishables. The increasing consumer demand for fruits, vegetables and other perishables can benefit farmers, given the higher remuneration in these value-added categories.

In addition, a higher level of food processing in the economy can create a much larger pull for quality agri-commodities, thereby reducing farm wastages and raising farm incomes. This calls for investment in product-specific climate-controlled infrastructure as well as branded products that can win consumer franchise. In addition to crop expansion, diversification into off-farm activities such as animal husbandry and livestock can also supplement farmer incomes. Corporate participation is essential not only to invest in requisite infrastructure but also to provide assured and value-added markets to farmers.

Deveshwar felt that the corporate sector could add a unique dimension, given the power of private entrepreneurship, its capacity to innovate, its wide variety of skill sets as well as its ability to reach markets more efficiently. “A larger degree of corporate involvement in agriculture is also imperative given the changing context of the food and agricultural sector,” he added.

He said ITC has invested in a globally benchmarked Life Sciences & Technology Centre in Bengaluru. With 350 scientists, the Centre is helping shape a new future in agri-sciences and biosciences, contributing to value addition in the agricultural sector.

Highlighting company’s performance, he said ITC’s gross revenues crossed the Rs.55, 000 crore mark and profit Before Tax surpassed the Rs 15,000 crore level in 2016-17. The non-cigarette segments now account for 58 per cent of the net segment revenue, has grown 18-fold since 1996. Presently, the non-cigarette businesses deploy 77 per cent of company’s operating capital and 88 per cent of the employee base, reflecting the radically transformed character of ITC, he said.

Author :
Reported On :
Sector :
Shoulder :
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
S-15, Industrial Estate,
Chennai - 600 032.
PHONE: +91 44 22501236