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A Great Opportunity for Small Businesses in India

Feb 25th 2020 at 3:51 AM

How to prepare food industry in India and all the subsidies available from the government.

The Indian food processing industry is the largest in the world, with a view to the future of manufacturing, consumption, export and growth. With the emergence of new markets and innovations, the sector has expanded its reach. The mass production of canned and frozen foods and beverages, processed and frozen fruits and seafood, meat etc. has been able to meet the growing global demand for food. The creation of post-harvest infrastructure in the form of cold storage facilities, food parks, packaging centers, value added centers and radiation facilities has helped to conserve food due to high demand for food worldwide.

 

If there are millions of people celebrating the festival after the festival, the food industry is in good condition. The food sector has experienced a significant change in consumption patterns, especially in terms of food, with the highest disposable income, which can be considered an ideal component of any industry. The current size of the Indian food industry is estimated to be 40 billion, and it is expected to grow between 27% and 30% and double the growth in the next three years taking into account the increasing demand trends.

 

In addition, there are other catalysts for establishing a food industry in India, such as the huge source of raw materials and the shift from traditional foodgrain farming to horticulture, as large numbers of Indian population are relocating their food abroad. Good practices, low production costs, changes in consumption patterns, implementation of food parks and attractive economic incentives from the government.

 

The general steps to establish a business in this sector can be summarized as follows:

 

Find a store

Know the market potential of a particular product or any product available in the market. Market research can be a useful tool for reducing risk and achieving success. To understand the environment surrounding the food processing industry in the current context, financial and competitive research must be conducted by food consultants with expert knowledge of the business idea. Extensive secondary market research is needed to measure trade, prices and trends.

 

Business concept:

Based on the results of market research, the company should choose an idea based on a number of factors including primary competition and interest levels. The decision must be on a rational basis.

 

Establishment of a commercial unit:

Business structure is a very important decision at the beginning of a business. Various commercial entities can be created in India such as Private Limited Company, Public Limited Company, Limited Liability Company and Limited Liability Company (LLP). Therefore, it is important to accept the right commercial structure.

 

Site Analysis:

Ideally, one should place a project or plant near the site of raw materials, but other considerations should also be taken into account. The government generally offers corporate benefits and tax credits to different states / places. This can be achieved through a site analysis that takes into account all variables including financial and government incentives, labor availability, electricity, water, land prices.

 

Business plan formulation:

The business plan should be elaborated, as it is a very useful guide for deciding where and where to be. A properly prepared business plan is developed by a food industry consultant, providing a blue version of the presentation and financial worksheets for your next business ideas in production.

 

Fundraising:

Money is required depending on the type and size of the company, so you need to find a more suitable way to collect them. There is also a series of special projects for organizations that support the central and state governments themselves.

 

Company Registration:

After selecting the appropriate commercial entity, the company must register with the appropriate authority by submitting required composition forms. PAN, GSTIN, special taxes, customs registration and tax documents are also required.

 

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