How Much Is The Golf Industry Worth

Golf….You’re thinking Tiger Woods, groomed courses and televised tournaments, the swing of the club, the sound of the ball hitting the bottom of the cup and the sweet smell of freshly mowed greens. However, economists think of something different- they think of 62 billion dollars!

This figure was calculated by GOLF 20/20, a project focusing on the golf-industry and its growth and run by the World Golf Foundation.

Sixty-two billion dollars is not how much it costs these economists to play golf, but is instead the figure representing the total worth of the golf industry (as of 2000). This staggering figure sums up golf facility operations, investments in courses, supplies, media, tournaments and charities as well as hospitality, tourism and real estate.

GOLF 20/20 was conducted by an independent research SRI International and was presented by Peter Ryan at the annual GOLF 20/20 conference, appropriately held in St. Augustine, Florida. The World Golf Foundation sponsors GOLF 20/20 in order to help grow the sport, and 2002 marked the first release of an estimate of the overall value of the industry. This estimate will help predict the growth of the game in years to come.

So far, past estimates have been overtaken by actual growth. In the past fifteen years the golf industry has grown so rapidly that it outran inflation and blew away estimates made in the 1980s. According to this growth, it is estimated that the industry will hold 55 million participants by 2020. Compared to other industries such as sound recording and the amusement, gambling and recreation industry, the golf industry is around $10 billion ahead.

A large amount of the golf industry depending on charitable golf tournaments, of which there were over 140,000 each year in the United States as of 2002. In total, around 15 million golfers participated in these events in 2002 grossing over $2.9 million for charity. Professional golf tournaments alone generate between $75 and $100 million, leading to an estimated total of $3,225,000,000, not including contributions made by corporations within the golf industry.

The 2002 Golf economy report (also generated by GOLF 20/20) suggests about 36 million people participated in the golf industry in that year and over 15,000 regulation courses exist for these millions of participants.

Within the golf industry, two different industries are cited by the 2002 study. First are the “core” industries of golf courses, golf wear, golf equipment, and anything else directly created for the sole use of the golf industry. The second industry includes media while real estate, tourism and travel, making up the “enabled” industry relying on golf for a large amount of business.

The core industries within golf generate the bulk of its value at $38.8 billion, while the enabled industries generate the remaining $23.4 billion.

In 2002 the total expense of golf supplies, equipment, apparel and books or magazine ended at $6 billion with the apparel market alone generation $1 billion. This marks an 11 percent growth in the golf apparel market since 1984.

Major golf tournaments grosses $871 million in 2000, as generated by fees, broadcast rights costs, corporate sponsors and spectator tickets and merchandise sales. Individual golfer endorsement earnings together were worth $225 million, also contributing greatly to the golf economy.
Finally, the real estate industry has generated $264 billion in new home construction on golf courses. The 1.5 million homes constructed in 2002 to make this total increase in value due to their location on or near a golf course.

All in all, the golf industry provides much more than an enjoyable game. This industry significantly contributes to the world economy through direct and indirect means and provides for wonderful entertainment to millions. GOLF 20/20 will continue to track the golf industry and look forward to rapid growth in the coming future.

Different Warning Signs In The Chemical Industry

There is no doubt that chemical industry is greatly contributing the worlds economy growth. Large numbers of chemicals are being invented and are used for different applications. Since its formation, the chemical industry has given wide variety of chemicals products to different industry sectors. With the advances of latest technologies and techniques, the mixing of chemicals has been started to produce several new chemicals.

Being the fastest growing industry, the chemical industry employed millions of workers and its their responsibility to take care of them. It is often noticed that people working in the industry subjects themselves to high risk of hazards chemicals. Chemicals are essential for several industries so we cannot avoid using them, but any kind of mishap accident will put the surrounding environment into danger. Therefore it is good to understand the relevant warning signs especially the areas where there is an unusual concentration of hazardous chemicals. Additionally it is important to know the degree of risks in several locations and then make appropriate measures to minimize the danger.

Perform Assessment of Hazardous Chemicals

Chemical industries should follow Chemical Hazards Evaluation (CHE), the process that mapped the risks surroundings the chemical industry. This process also evaluates the potential of occurrence of dangerous conditions. In order to judge the respective capacities of different chemicals that can cause harm, a comparative analysis needs to be done. In the report, there is a simple description about the chemicals with detailed information of its chemical and physical properties. Another kind of report such as Potential Hazard Analysis is also generated.

This PHA report analyze the respective causes and the degree of harm that unexpected explosions, gas releases, fires, chemical spills and accidents can cause. In this analyzing process, laboratory goods, equipment, chemicals stored and process of work are also examined. This analyzing report will help the management to determine the potential for danger and provides them idea about how to fix the placement of hazardous warning signs.

Evaluation of Physical Factors

It is always better to be prepared mentally for the lowest or worst scenarios to avoid the unexpected accidents. Where there is a high density of hazardous chemicals, putting relevant signs of danger will avoid accidents up to some extent.
It is essential to make your staff understand about the shape, size and kind of the containers that contains chemicals. In addition, the evaluation of the stacking processes and storage conditions of the chemical containers must be assessed.
Performing Assessment for Alleviation

In case of risk management in chemical industries, it is good to remove certain emergency response. Precautionary measures followed, placement of warning signs, maintenance of emergency evaluation plan, safety equipment used and the staff training in the chemical plant must be assessed in the current security system. A good professional in chemical industry is one who can judge the suitability level of the present safety measures under security audit processes. There are some aspects that allow danger to the chemical industry such as contamination, violence in workplace, chemical spills, theft, bomb threats, containment loss and the violence in workplace.

A Broader Outlook On Indian Chemical Industry

India has achieved considerable progress in production of chemicals. And with slash in tariffs, Indian chemical companies with well-built systems and structured operations are likely to be benefited further.

It is not only countrys oldest industry, but the Indian Chemical Industry has been contributing to Indias growing economy in a phenomenal way. It may be hard to believe, but the industry serves the basic need of many different industry verticals like natural gas, water, oil, metals, minerals, air, oil, etc and all these verticals eventually bring into marketplace an array of products, almost 70000 products, to be precise.

Today, India has achieved considerable progress in production of basic organic and inorganic chemicals, pesticides, paints, dyestuffs and intermediates, petrochemicals, fine and specialty chemicals and toiletry product segments. And with slash in tariffs, Indian chemical companies with well-built systems and structured operations are likely to be benefited further. The companies manufacturing highly valued chemicals, and who are compliant of industrial quality standards, can make their mark not just in India but even in the overseas markets as well.

In Indian context, the rise in disposable income has led to improved chemical consumption. This has aided countrys GDP climb further, from 9% to 13%. In an attempt to make the industry more progressive and flourishing, the government of India has introduced a slew of policies and special economic zones centering on the petrochemical sector. Furthermore, several manufacturing companies are focusing on expansion plans in the coming years.

Chemicals and chemical products influence our lives in a significant way. Be it donning synthetic clothes, or consuming drugs, or when it comes to using thermoplastic furniture at homes and offices, chemicals have become a way of life in this fast-changing world. In addition, the industry plays a pivotal role in agricultural and development sectors. Some of the other sectors, like engineering, automotive, consumer durables and food processing also depend on this sector in a big way.

The industry is on a high growth trajectory. The industry, through a series of efforts is expected to achieve USD 100 billion in the upcoming years. The industrys contribution to the Indian manufacturing sector is almost 17.6 percent. Since the ages, Indian chemicals have been traded and today imports stand at USD 7.92 billion and exports at 5.95 billion. And now with the onset of liberalization and globalization, the Industry is on a major expansion spree. The industry today is into manufacturing wide range of goods including fine and specialty chemicals, drugs and pharmaceuticals, dyes and pigments, agrochemicals and fertilizers, pesticides, plastics and petrochemicals etc.

However, Indian chemical industry is yet to makes its presence felt in a big way in the international markets.

Fast-facts on Indian chemical industry

Highly fragmented

Operates at the micro level.

Increased per capita consumption level has put the industry on fast-track

Higher cost of capital, import duties and power, making it less competitive in the international markets.

Very little spotlight on Resource & Development

Presence of many multinational companies

Big players in bulk chemicals. Presence of small and big players in fine and specialty chemicals.

Major Segments

The Indian Chemical Industry has following major segments:

* Petrochemicals

* Inorganic Chemicals

* Organic Chemicals

* Fine and specialties

* Bulk Drugs

* Agrochemicals

* Paints and Dyes

Petrochemicals

Petrochemicals form the biggest category in the chemicals, and it is also one of the fastest growing sectors. The segement is into producing basic chemicals like Ethylene, Propylene, Benzene and Xylene etc, intermediates like MEG, PAN and LAB etc., synthetic fibres like Nylon, PSF and PFY etc, polymers like LDPE/HDPE, PVC, Polyester and PET etc, synthetic rubber like SBR, PBR etc. The key players include: Reliance, IPCL, NOCIL, Haldia and GAIL etc.

Inorganic Chemicals

At present it is worth US$ 2.5 Billion industry. The segment concentrates on the production of caustic, chlorine, sulphuric Acid etc. The inorganic chemicals are commonly used in detergents, glass, soap, fertiliser, alkalies etc. However, the industry is encountering stiff competition from international players, when it comes to catering to the requirements of the local markets.

Organic Chemicals

It is reportedly 1billion dollar industry and includes an array of chemicals. Most of the companies manufacturing organic chemicals can be found in western India.

Fine Specialties

The fine specialties segment is highly fragmented, with sizeable number of big players. However, all these players operate on low volume and high price margin. It is one of the fastest growing sectors with market around US$80 million p.a. And many big and small Indian companies form part of it. The major end user segments include: Textile, Leather, paper, detergent, rubber, paints, polyester, oil and gas etc.

Bulk Drugs

Bulk Drugs have a large market in India and in the outside world. Out of the 475 drugs used, 425 are locally procured. There are around 350 units in the organized sector, while there can be many more in the unorganized sector. Bulk drug production is concentrated in the areas around Bombay, Ankleshwar, Hyderabad Madras, Chandigarh.

India has very strong base in reverse engineering, molecular chemistry and patents on processes and not just on products. Major players in India in bulk drug category include: Ranbaxy, Dr. Reddy’s, Cheminor, Shasun, Cipla, Lupin, IPCA, Sun, Aurobindo, Kopran, Cadilla, Wockhardt, etc. It is a well-acknowledged fact that most of the bulk drug companies are Indian companies while those into formulations are primarily MNCs.

Agrochemicals

India being an agricultural dominated country, it is obvious that the country is a major user of agrochemicals; nonetheless, the average Indian consumption is reportedly low i.e., 1/20th of world average. The segment has been witnessing a growth of 10% pa and has registered revenue worth US$800 million. Consumption of the crop varies depending on the crop and region. Cash crops like sugarcane, tobacco etc. consume large amount of pesticides, almost over 60%. Major agrochemicals exports include: Insecticides, Fungicides, Herbicides, Weedicides, Rodenticides, and Fumigants.

Paint and Dyes

Indian dyes are in demand world over, thanks to ban on production of dyes in developed nations due to the reservations related to pollution. Dyes are principally used in Paints, Inks, Textiles and Polymers. The total market of paint and dyes is almost US$ 1 Billion, and the growth rate is almost 12%. In addition, the marketplace is highly fragmented. There are about 25 large and medium players, which cover 50% market share, while 2000 other organized players contribute next fifty percent. Moreover, the per capita consumption is very low in India(400 gms) as opposed to the developed countries(15 kgs).

Overseas Trade

In the early 1990s, India was more into importing of chemicals; however, with the setting up of large scale petrochemical plants like Reliance, etc exports have improved. Even exports of bulk drugs, pharma, pesticides, dyes and intermediates have climbed up.

The overall performance of Indian Chemical Industry has been good in the domestic markets; however, in the international markets the industry it is yet to make its presence felt in a significant way. And factors like recession and crises in the Middle East have had a poor impact on the manufacturing and export sector of the industry.

The International Council of Chemical Associations (ICCA), an association that consists 80% of the world manufacturers of chemicals has announced its support for a new round of multilateral trade negotiations in the World Trade Organization.

ICCAs main concerns include: removal of chemical tariffs, management of anti-dumping practices, making simpler the custom processes and full execution of TRIPs agreement. While management of anti- dumping practices would profit India, the tariff-free world would lead to stiff competition

Road ahead

Highly developed technology, in-depth research capabilities, backward and forward linkages, development of domestic capacity to decrease the dependence on imports are some of the crucial factors that need to be taken into consideration. Nowadays, safety, health and environment protection issues have become the major-talking point in almost all industries and even in the Indian chemical industry too. The Indian chemical manufacturers are addressing the issue on a war-footing.

Made-from-india.com is a leading B2B portal from India, and has listed on its portal, some top manufacturers, exporters and suppliers of varied chemical products.

Chemical Industry – An Overview

Chemical Industry is one of the fastest growing Industries globally. Demand in different segments of chemical Industry like pharmaceuticals, Inorganic Chemicals, Organic Chemicals, Fine and specialties, Bulk Drugs, Agrochemicals, and Paints and Dyes are also increasing rapidly. Industry players are following state of the art techniques and extensive research and development policies to fulfill this increasing demand for chemical.

Chemical Industry and India

India was importing chemicals during early 1990s, but now India has become a net exporter of chemicals because of implementation of several large scale petrochemical plants, and tremendous growth of exports in sectors like bulk drugs and pharmaceuticals, pesticides, and dyes and intermediates.

Currently India is a strong player in chemicals export. Following are some facts related to Chemical Industry in India (Analysis based on Year 2005):

13% of total export
13% of total industrial output and 7% of GDP
10%-12% growth rate annually
2% of global chemical industry
Indian pharmaceuticals industry ranks 4th in volume and 13th in terms of value in world
2nd largest producer of agrochemicals in Asia

Factors Affecting Indian Chemical Industry

There are few factors resulting growth of Indian Chemical Industry. Some important factors are as following:

1. Friendly Government Policies: In recent years government policies have become more and more industry friendly, following the similar global industry friendly trend. Government is eager to provide land and basic infrastructure for new industry establishments, because industries are powerful elements in contributing rapid growth of development.

2. Increasing Demand: There is increase in demand of chemicals globally, be it pharmaceutical, agrochemicals, adhesives, fertilizers, or other chemicals. So industry players are trying to increase their current production to match increasing demand.

3. Technology factors: The change in technology is also a factor in development of chemical industry. Newer machinery, better technology, and research are major cause behind growth rate of this industry.

4. Involvement of major players: Involvement of major industry players in chemical industry, as well as acquisition of overseas companies by Indian Giants led strong worldwide reputation of Indian chemical manufacturers.

5. Presence of raw materials: India is rich in minerals and other raw materials required in production of chemicals that decreases input capital required and increases overall revenues of manufacturers.

In coming years industry is going to grow with more than current growth rate. In 2005 its contribution to GDP was 7%, which increased to 13% in year 2007. Domestic demand is also increasing so we don’t need to look for exports always. Past few years witnessed tremendous growth and we can expect similar trends in future too.

Information Of Hotel Industry Laws In India – Part1

Opportunities
Applicable laws/regulatory policies.

Introduction

Hotel Industry in India is witnessing tremendous boom in recent years and going through an interesting phase. One of the major reasons for the increase in demand for hotel rooms in the country is the boom in the overall Economy and high growth in sectors like information technology, telecom, retail and real estate. Rising stock market and new business opportunities are also attracting hordes of foreign investors and international corporate travelers to look for business opportunities in the country particularly growth in tourism sector. As hotel industry is inextricably linked to the tourism industry and the growth in the Indian tourism industry has fuelled the growth of Indian hotel industry.

Explosive economic growth in India ignites unquenchable demand for hotel rooms. With huge investments flowing into India for the development of infrastructure such as roads, highways, airports and convention centers, interest in hotel developments is hitting new highs as tourism, business and travel are on the rise.

The booming tourism industry has had a cascading effect on the hospitality sector with an increase in the occupancy ratios and average room rates. And with the continuing surge in demand, many global hospitality majors have evinced a keen interest in the Indian hospitality sector. It is estimated that India is likely to have around 40 international hotel brands by 2011.

Opportunities

The spurt in Indias tourism industry growth has had a ripple effect on its hospitality sector. Rising income levels and spending power combined with the governments open sky policy have provided a major thrust. The industry is growing at a very rapid pace and there is a demand for more rooms both in metros and smaller towns. It is estimated that India is likely to have around 40 international hotel brands by 2011.

Indias booming hospitality industry has transformed into a veritable basket of the choicest of rooms, food and beverage, health and business facilities, travel packages and everything that you can think of. New global entrants are vying with existing local players to provide world-class services at prices suited to every pocket.

An estimated 4.4 million tourists are expected to visit India with an annual average growth rate of 12% in the next few years. The domestic tourist market is also flourishing. The commonwealth games in 2010 will add to the demand for quality accommodation.

The Government of Indias Incredible India destination campaign and the Atithi Devo Bhavah campaign have also helped the growth of domestic and international tourism and consequently the hotel industry.

The opening up of the aviation industry in India has exciting opportunities for hotel industry as it relies on airlines to transport 80% of international arrivals. The government’s decision to substantially upgrade 28 regional airports in smaller towns and privatization & expansion of Delhi and Mumbai airport will improve the business prospects of hotel industry in India. And the upgrading of national highways connecting various parts of India has opened new avenues for the development of budget hotels in India. Taking advantage of this opportunity Tata group and another hotel chain called ‘Homotel’ have entered this business segment.

If you want to read article go to second part of this – Information of hotel industry laws in india – part2.

5 Steps To Using A Car Title Loan

The world we dwell in is an uncertain place. There are many time how the unexpected arises. Maybe it is having the transmission in your car make a mistake. Maybe it is having a child fall and break a leg. Whatever your situation should you be like us all you definitely will have days gone by when need to have some money and you really need it fast.

The Apr’s on car LasVegasEasyCash.com are especially higher compared to those on traditional loans. However, even a very good interest rate on a normal loan won’t do you much good if control it . get it.

Another thing to watch when cursing your bad luck is emotional betting. Many a wise gambler has thrown hard earned money away on a bad bet because she or he became emotionally involved your player or team. I notice you that the oddsmakers in las vegas don’t end up being emotionally involved when built handicapping games for the casinos. Itjust a part of them likewise this is in what way you need to approach your betting on sports.

Initial reason because payday loan the kind of loan at this point secured by an authorized borrower’s banking accounts withdrawal permission or any backdated check hold by lender. Generally speaking practice there’s no collateral to obtain it. That’s why some people call it with signature loan. In order to apply this loan all borrower need is proofs of monthly income, permanent address, and a signature. Because this is a signature loan, lender doesn’t need to check and verify your balance account or maybe credit star or rating. In bad credit payday loan, there is nothing to use credit condition of borrower at time. As far as you have an income source and an enough income, the finance are ready for you to become transferred to your checking factor.

When you’re finally finished, it’s on to the with each other. Just remember to conduct yourself this appropriate quantity feline take great pride in. After all, just several thousand years ago, your ancestors were worshipped as gods.

A Brief History Of The Air Freight Industry

Even before, flying has been an innovation. Humans before couldn’t imagine of a time without journey. All they wanted was to fly. That’s why airplanes were born. Eventually, technology made it a reality for people to ride on the airplane near the pilot. People became restless that they started thinking of some beneficial ways where they can use the plane.

It was on the year 1910 when the idea that a plane can be used to carry shipments began. History revealed that a bolt of silk was the first to be shipped in a plane. The shipment was carried from Dayton to Columbus in Ohio. This was said to be the first demonstration of the air freight.

In 1919, another shipment took place. A converted bomber was shipped by the American Railway Express. The cargo was 1100 pounds, and was transported from Washington D.C to Chicago. Unluckily, the plane and the radiator froze had to land in Ohio. However, that didn’t hinder the people from using the plane as freight carrier.

During the late 1920s, more airlines operated as freight carrier. The creation of the freight carrier was used for American business only. The air freight had helped them not only in making the transportation of merchandise rapidly but also the fast pace of the process.

Undeniably, the primitive stages of the air freight business made a remarkable growth.

By the year 1927 to 1931 the number and size of the shipments had increased from 45,000 pounds to almost a million pounds. Though there were some effort at planning and organizing the air freight business, the commercial air freight did not operate until World War II ended.

The top 4 known airlines namely: American, United, TWA and Eastern formed the Air Cargo Inc. The primary mission of the company was to pick up and deliver cargo.

The Air Cargo was active until the end of the world. But in 1944, United and TWA began to be independent and had their own air freight business.

There were lots of small plane owners who wanted to part of the air cargo industry but were not accepted. The big airlines didn’t like smaller airlines to operate in the business. One reason for that was the possibility that the small airlines might screw up the constant status of the industry. Another reason was the former didn’t want to be involved in a competition.

Unluckily, those small plane operators who tried fell by the pavement. There’s only one that survived- it’s called the “Flying Tigers”. The Flying Tigers made it because it carried both military and civilian freight. And it was also known before as the largest in air freight liner industry.

In spite of the good start, the air freight business wasn’t developing that much. It didn’t work well in the business. Until someone in the name of Fred Smith opened up his new air freight known today as the Federal Express.

The Air Freight Industry Today

Federal express has been known today as one of the successful air freight carrier. With the aid of modern technology, it now uses air freight software to be able to provide the needs of the customers. The air freight software is the latest innovation for freight forwarders. It will resolve any problems in the system plus give you excellent and cost effective services.

Today the FedEx or the Federal Express is linked with the (UPS) United Parcel. The two freight carrier is now known to be the most reliable and trusted air delivery services in the country.

The Christian Music Industry Today

How to define music has long been the subject of debate; philosophers, musicians, and, more recently, various social and natural scientists have argued about what constitutes music. The definition has varied through history, in different regions, and within societies. Definitions vary as music, like art, is a subjectively perceived phenomenon. Its definition has been tackled by philosophers of art, lexicographers, composers, music critics, musicians, semioticians or semiologists, linguists, sociologists, and neurologists. Music may be defined according to various criteria including organization, pleasantness, intent, social construction, perceptual processes and engagement, universal aspects or family resemblances, and through contrast or negative definition.

How so ever we define music the important thing is that music is now a very important part of our culture, society, and all in all our very own lives. Music no longer just remains as a thing to pass our time with or just a hobby, but today music industry is one of the largest industries. C’mon music industry is one of the few industries which are spread over almost all the languages, apart from music and the movie industry there may not be any other industry which is spread so wide. Today a large population earn their lively hood from the music industry it includes not only the singers who sing the song but a lot others like the people who play musical instruments for a living then there are the music directors, the producers, the mixers and a lot of other people. Hence the music industry touches our lives one way or other if we like it or not.

Now talking about a particular genre of the huge music industry the Christian music industry, the life of Christian music has changed rapidly over the last few decades before which Christian was a very small part of the entire music industry and was mainly the once produced directly by various churches for distribution to its particular parishioners and not for a nationwide or worldwide distribution. In the earlier days there were very few who would spend their entire time on Christian music but only do it as a part time activity and not as a full time profession, but today it has changed because today Christian music is a very important and a very big part of the entire music industry today it has almost become like an entire another stream in the big music industry which cannot be taken lightly.

In the end would just like to say that those who used to think that the Christian music industry is a very small part of the huge music industry are very wrong because today it is one of the fastest growing genre will continue to be the same for some time to come.

ACCA Nigeria Serving Many Industry-Oriented Accounting Courses Worldwide

Most people, who are basically from the accountancy background, have heard about Association of Chartered Certified Accountants (ACCA), which dedicatedly strives to offer quality education to accounting aspirants of all over the world. Quite obviously, the ACCA global body through its many centers located at more than 170 countries is primarily concerned with helping those who want to get trained in the accountancy profession. As a result, working for around for over 100 years, this global body has now set new benchmarks in offering world-class accountancy training courses to the employers of accountants worldwide. Like its other offices or centers, the Nigeria center of the Association of Certified Chartered Accountants has also earned the great attention of accounting aspirants. Hence, these days, the ACCA Nigeria center is also busy in serving a lethora of industry-oriented accounting courses to people of Nigeria.

The ACCA diploma or degree holders are now serving different industry verticals. In general, the accounting professionals opt to learn any ACCA course to have a deep and precise knowledge on the accounting profession. This institute helps these people to get any diploma or degree course at very reasonable prices. For instance, it is up to you that whether you choose a scholarship program or ask from your employer to fund your education.,p> Apart from it, there are other options available to serve your urgent account education learning needs. For example, if you have low budget then choosing the self-studying option would be wise for you as it will save your thousands of bucks. To get free study material for any of such courses, you can sign up for ACCA membership. There are various online or offline book store that also provides you with the used books at rock bottom prices. You can easily get the relevant information on ACCA Nigeria center over the internet in order to get enrolled yourself in any of the desired ACCA courses.

About the Author

Chuck Hartman has a broad experience of writing on popular and advanced institutions which primarily deal in offering CIM (Marketing), ACCA (Accounting), CAM (Marketing Communications) and CTH (Tourism and Hotel Management) programs.To visit for, ACCA Nigeria

Food Processing Industry Attractive Sector For Investment In India

The food processing industry plays a vital role in the economy of any country because it links agriculture to industry. The food processing industry is responsible for diversification of agriculture, improvement of value-added opportunities, and creation of excess that can be exported.

The food processing industry of India is one of the largest in the world in terms of manufacture, use, export, and development. The sector has immense potential to contribute to growth and employment opportunities of the country.

The food processing industry is very important for an agriculture-based economy like India because it helps in the commercialization of farming and increases the income of farmers. It also generates employment opportunities and assists in the creation of markets for export of agriculture-based products.

In the beginning, the food processing industry was limited to procedures of food preservation and packaging that involved drying, salting, and pickling. However, in the last few years, with advancement in technology, the scope of the sector has grown tremendously. The industry now also includes ready-to-eat food items, frozen fruit and vegetable products, and seafood and meat products. The storage, processing, preservation, and transportation of various food items have given rise to many irradiation facilities, cold storage facilities, and packaging centers.

The food processing industry in India has players from private, public and cooperative sectors. The Food Products Order (FPO) of 1955, Meat Food Products Order (MFPO) of 1973, and Food and Standards Act of 2006 ensure that the food items made after processing in India meet international standards of hygiene and quality.

The main agency responsible for the development of this industry in India is the Ministry of Food Processing Industries. This ministry deals with a range of products related to fruits and vegetables, fisheries, poultry, meat, dairy, soft drinks, and other aerated drinks.

The ministry also plays a proactive role in attracting investments in India into the sector. It keeps announcing various schemes and incentives to promote a favorable environment for functioning and growth of the industry. One such step is the National Food Processing Policy.

The main objective of this policy is to increase investment in the industry by:

Bringing about financial initiatives in the form of rationalization of tax structure of food and machinery used in the industry

Simplification of food laws to cover all issues related to equalization funds, futures marketing, and merit goods

Enabling planned investments in the sector by boosting the market and database intelligence system

Enhancing productivity to ensure availability of the raw material required for the industry all year round

Promoting establishment of processing units close to production areas to avoid cost of transportation and wastage

Thanks to these policy initiatives, the industry has undergone rapid growth in the last few years.

The FDI inflow in this sector from 200506 was approximately US $74 million. Thus, investment opportunities in the food processing sector of India are immense. Not only does the country have the highest food production in the world, it also has a wide variety of crops, fruits, vegetables, livestock, and seafood.