food processing march 220313

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11

Food Processing

For updated information, please visit www.ibef.org

MARCH

2013


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Contents

Advantage India

Market overview and trends

Growth drivers

Success stories: Operation Flood, Amul

Opportunities

Useful information


Food ProcessingMARCH

2013


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33

Food Processing

For updated information, please visit www.ibef.org ADVANTAGE INDIA

Advantage India

MARCH

2013

Advantage

India

Demand growth for processed foodhas been rising with growingdisposable income, urbanisation, ayoung population and nuclear families

Household consumption is set to

double by 2020

India benefits from a largeagriculture sector, abundantlivestock, and costcompetitiveness

Investment opportunities will

arise in agriculture, foodinfrastructure, and contractfarming

Government expects USD21.9 billionof investments in food processinginfrastructure by 2015

Investments, including FDI, will risewith strengthening demand andsupply fundamentals

Sops to private sector participation;100 per cent FDI under automaticroute

Agri Export Zones have been set up;under the governments Vision 2015plan, mega food parks to beestablished

Approval of National Mission on FoodProcessing

Domestic

food

spending:

USD318

billion

2020E

Domestic

food

spending:

USD181 billion

2009

Notes: 2020E - Estimate for 2020; estimates are from

Flavours of Incredible India (Ernst & Young, 2009)

FDI - Foreign Direct Investment

Strong demand growth Food processing hub

Increasing investments Policy support


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Contents

Advantage India


Growth drivers


Opportunities

Useful information



2013


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55For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS

The food processing sector comprisessix major segments

Food Processing

Foodprocessing

Fruits and vegetables

Milk and milk products

Meat and poultr y

Marine products

Grain processing

Consumer food

India is the worlds second largest producer of fruits and

vegetables

India is the largest producer of milk in the world

India was the largest producer of buffalo meat (1.4 MT) and thesecond largest producer of goat meat (0.5 MT) in FY10

India is the third largest producer of fish in the world

India is estimated to have produced about 250 million tonnes of

food grains in FY12

Among the fastest growing segments in India; it includes -

Packaged

food

Aerated

soft drinks

Packaged

drinking

water

Alcoholic

beverages

Source:Indiabusiness.nic.in, Ministry of Agriculture, Meat &

Poultry Processing Board, FAOSTAT

Note: FY - Indian financial year (April - March)

MT - Million Tonnes

MARCH

2013


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The food processing industry has emerged as a key

component of Indian manufacturing; while the sectors

total output stood at USD93.1 billion in FY10, it

accounted for nearly 7.5 per cent of aggregate gross

value added of major industries during that year

The size of the sector has been growing fast; output

expanded at a CAGR of 16.9 per cent over FY05-10

Processed food output

Source: Annual Survey of Industries (ASI) 2009-10,

Aranca Research

Source: Ministry of Food Processing Industries ( MOFPI),

Annual Survey of Industries 2009-10, Aranca Research

Notes: CAGR - Compound Annual Growth Rate,

Food Processing

0%

5%

10%

15%

20%

25%

30%

0

20

40

60

80

100

FY05 FY06 FY07 FY08 FY09 FY10

Processed food output (USD billion) Growth - right axis

MARCH

2013

Total output of food products andbeverages totalled USD93.1 billion in FY10


7/40


8/4088For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS

Exports of processed food and related products*

stood at USD19.7 billion in FY11, thereby recording an

average annual growth of 14.7 per cent since FY09

Exports of APEDA products have grown to USD17.9

billion in FY12 as compared to USD11.5 bllion in FY11

Main export destinations for food products have been

the Middle East and South East Asia

Exports of processed food and related items(USD billion)

Source: Agriculture & Processed food products Export

Development Authority (APEDA,) Aranca Research;

* includes APEDA products (processed fruits and vegetables,

animal products, cereals, and other processed food items) and

Non - APEDA products (oil meals, marine products, spices, sugar

and molasses, tea, coffee, etc.)

Food Processing

6.7 6.28.2

8.37.4

11.5

FY09 FY10 FY11

Export of APEDA products Export of Non APEDA products

MARCH

2013

Exports of processed food and relatedproducts has also been rising steadily


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In FY11, APEDA products had 41.6 per cent share in total exports; non-APEDA products made up the rest

Within APEDA products, cereals had the highest share (36 per cent) while for non-APEDA products marine

products dominated with a share of about 21 per cent

Food Processing

Shares in non-APEDA exports (FY11)

Source:APEDA, Aranca Research

Shares in APEDA exports (FY12)

Source:APEDA, Aranca Research

21%

20%

20%

14%

11%

14%

Marine Products

Sugar &

Mollasses

Oil Meals

Spices

Tea & Coffee

Others

36%

17%5%

35%

6%

1%Cereals

Animal products

Processed Fruits &

Vegetables

Other processed

foods

Fresh Fruits &

Vegetables

Floriculture &

Seeds

MARCH

2013

Shares in exports of processed food andrelated products


10/40


The unorganised sector accounts for 42 per cent of

Indiasfood processing industry

The sizeable presence of small scale industries points

to the sectorsrole in employment generation

Unorganised sector has the largest share in the sector *

Source: Ministry of Food Processing Industries, Aranca Research

* The figures have been taken from MOFPIs annual report for

FY10 where FY indicates Indian financial year (April - March)

Food Processing

42%

25%

33%

Unorganised sector

Organised sector

Small scale

industries

MARCH

2013

Large presence of the unorganisedsector (1/2)


11/40


Rice mills account for the largest share of processing

units in the organised sector

The governments focus on infrastructure is likely to

see a sharp rise in the number of cold storage units in

the years ahead

Shares in production by value and volume (FY11)

Source: Ministry of Food Processing Industries,

Aranca Research

Food Processing

70%

50%

30%

50%

By Volume By Value

Unorganised sector Organised sector

MARCH

2013

Large presence of the unorganisedsector (2/2)


12/40


In FY09, the sector employed 48 million people

Policymakers have identified the food processing

sector as a key one in encouraging labour movement

from agriculture to manufacturing

Healthy contribution to employment generation(FY09)


Aranca Research

Notes: FY - Indian financial year (April - March)

Food Processing

Food processing

industry

Directemployment

(13 million)

Indirectemployment

(35 million)

MARCH

2013

Food processing is a key contributor toemployment generation in India


13/40


Changing consumer

tastes

Entry of international

companies

Liberalisation and growth of organised retail have made the Indian market

more attractive for global players

With a large agriculture sector, abundant livestock, and cost competitiveness

India is fast emerging as a sourcing hub of processed food

Rising business and

product innovation

Companies have been moving up the value chain; for example, cooperatives aretransitioning from being pure producers of milk to offering a wide range of

dairy products

Firms, both domestic and global, have been focussing on product innovation to

cater to domestic tastes, while also introducing international flavours

Wide array of products, coupled with increasing global connectivity has led to a

change in the tastes and preference of domestic consumers

This trend has been bolstered by rising incomes, increasing urbanisation, a

young population, and the emergence of nuclear families


2013

Notable trends in the Indian foodprocessing sector


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Food Processing

Alcoholic beverages

Aerated soft drinks andpackaged drinking water

Packaged food

Fruits, vegetables,processed grain

Cooperative societies: Gujarat (GCMMF), Andhra Pradesh (APDDCF), Karnataka (KMF),

Maharashtra (Mahasangh), Punjab (MILKFED), Tamil Nadu (TCMPF), Delhi (NDDB)Milk and milk products

Meat, poultry and marineproducts

Consumer food

MARCH

2013

Cooperatives dominate dairy sector;private players lead others


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1515

Contents

Advantage India


Growth drivers


Opportunities

Useful information



2013


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1616For updated information, please visit www.ibef.org GROWTH DRIVERS

Strong

government

support

Growing demandStrong domestic demand Supply-side advantagesRising export

opportunities

Rising disposable

incomes

Growing middle

class,

urbanisation, a

young population

Changing

lifestyles and food

habits

Indias greaterintegration with the

global economy

Proximity to keyexport

destinations

Expected spike in

global demand as

emerging markets

grow at a fast pace

Favourableclimate for

agriculture; wide

variety of crops

Large livestock baseaids dairy and meat

processing sector

Inland water

bodies, long

coastline help

marine products

Food Processing

Policy support

Vision 2015 plantargets trebling of

food processing

sector

Mega food parks,Agri Export Zonesto attract FDI andaid infrastructure

Approval of

National Mission

on Food Processing

MARCH

2013

Strong fundamentals and policy supportaiding growth


17/40

1717For updated information, please visit www.ibef.org

Source:, Aranca Research

Note: E - estimate, F - forecast

GROWTH DRIVERS

Rising disposable incomes

Strong growth in per-capita income has resulted in greaterdemand for food items

Per capita income is expected to expand at a CAGR of 8.5

per cent over 2010-2017 to USD2,428 There has also been a shift in demand -

From carbohydrates to meat products (in line with

the various phases of economic growth)

To convenience foods, organic and diet foods

Food Processing

Rising per-capita income in India

-5%

0%

5%

10%

15%

20%

25%

30%

0

500

1,000

1,500

2,000

2,500

3,000

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011E

2012F

2013F

2014F

2015F

2016F

2017F

Per capita income, USD, LHS Annual growth rate, RHS

MARCH

2013

Income growth is a key driver of growingdomestic demand for processed food


18/40


Source: McKinsey Quarterly, Aranca Research

GROWTH DRIVERS

Food Processing

Strivers: annualincome

INR500,000 -

1,000,000

Seekers: annual

income

INR200,000 -

500,000

Deprived

annual income

INR1,000,000

0

10

20

30

40

50

60

70

2005 2010 2015 2020 2025

million

households

Strivers Seekers Deprived Aspirers Globals

Changing wealth dynamics of Indias population

MARCH

2013

A growing middle class and urbanisationhas also aided growth in the sector

Growing middle class, urbanisation

Strong economic growth since the 1990s has led to -

Rapid urbanisation and a growing middle class

Nuclear families and dual income households

Coupled with a young population and increasing mediapenetration, this has led to a surge in demand for packaged

food, alcoholic and non-alcoholic beverages, snacks,

savouries, etc

MARCH


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1919

-4

0

4

8

12

16

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Emerging & developing economies Central & Eastern Europe

Developing Asia Latin America & the Caribbean

Middle East & North Africa


Source: IMF WEO (April 2012), Aranca Research

GROWTH DRIVERS

Food Processing

%

Growth in key regions of the global economy

MARCH

2013

Exporters gaining from rising globaldemand and location advantages (1/2)

Rising demand from rest of the word

Share of exports in total output of processed food stood at21.2 per cent in FY11

This has primarily resulted from - Greater exports to advanced economies

More demand from emerging/ developingeconomies as they experience strong growth

MARCH


20/40



Aranca Research

GROWTH DRIVERS

Food Processing

Top ten destination countries of Indias exports ofprocessed food and agriculture related products

(in USD million)

298338

401 464 502

591650 672

9671,079

Pakistan

Kuwait

Ind

onesia

Vietnam

Iran

Bang

ladesh

Malaysia

United

States

Saudi

Arabia

UAE

MARCH

2013

Exporters gaining from rising globaldemand and location advantages (2/2)

Supply-side advantages

Growth in food product exports has been aided by -

Significant improvements in product and packaging

quality

Greater private sector participation India has a location advantage - it is geographically close to

key export destinations (Middle East, South East Asia)

United Arab Emirates was the top export destination of

processed food and agriculture related products, followed

by Saudi Arabia and the United States

MARCH


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Food Processing

Indias comparative advantage lies in its favourable

climate, large agriculture sector and livestock base,

long coastline, and inland water resources

India also has an edge in cost of production

compared to its competitors in Asia and thedeveloped world

Units Global rank

Arable land (million hectares) 157.9 2*

Area under Irrigation (million

hectares)63.1 1*

Coast line ('000 kilometers) 7 18#

Cattle (million) 210.2 1**

Source: World bank, FAOSTAT, CIA World Fact book,

Aranca Research

Notes: * - for the year 2009; # - for the year 2011, ** - for the year 2010

Production(million tonnes)

Global rank(2011)

Milk (Cow &

Buffalo)107.2 1

Pulses (nes) 7 1

Fruits (fresh, nes) 7.6 1

Bananas 29.6 1

Tea 0.96 2

Rice (Paddy) 155.7 2

Sugarcane 342.3 2

Vegetables (fresh,nes)

27.5 2

Wheat 86.8 2

Potatoes 42.3 2

MARCH

2013

India has a distinct competitiveadvantage over peers

MARCH


22/40


Notes: FDI - Foreign Direct Investment

Food Processing

100 per cent FDI under automatic route (except for alcohol, beer, and sectors

reserved for small scale industries)

Repatriation of capital and profits permitted

Encouragement to

private sector

Tax incentives and

other sops

Import duty scrapped on capital goods and raw materials for 100 per cent export

- oriented units

100 per cent tax exemption for 5 years followed by 25 per cent tax exemption

for the next 5 years for new agro-processing industries

Full excise duty exemption for goods that are used in installation of cold storage

facilities

Relaxed FDI norms

100 per cent export-oriented units are allowed to sell up to 50 per cent of their

produce in the domestic market

Export earnings are exempted from corporate taxes

MARCH

2013

Strong policy support gives foodprocessing sector a boost (1/2)

MARCH


23/40


Food Processing

Assigned priority sector for bank credit

60 Agri Export Zones (AEZ) have been set up across the country

According to Vision 2015, formulated by MoFPI, the government plans to

establish 30 mega food parks in public-private partnership mode across the

country; out of these 10 have already been approved in the first phase

Government has also announced setting up of 15 Mega Food Parks in its FY12

Budget, as part of the third phase of Mega Food Park Scheme

Focus on infrastructure

Investment-linked tax incentive of 100 per cent deduction of capital expenditure

for setting up and operating cold chain facilities (for specified products), and for

setting up and operating warehousing facilities (for storage of agricultural

produce)

Incentives for

development of

storage facilities

Notes: MoFPI - Ministry of food processing industry

MARCH

2013

Strong policy support gives foodprocessing sector a boost (2/2)

F d P iMARCH


24/40


Agri Export Zones in India

GROWTH DRIVERS

Food Processing

Andhra Pradesh: vegetables,mango pulp, grapes, gherkins

Maharashtra: Grapes, grape

wine, mangoes, flowers, onion

West Bengal: Pineapple, litchi,

Darjeeling tea, vegetables

Uttar Pradesh: Basmati rice,

potatoes, mangoes, vegetables

Uttaranchal: Basmati rice,

aromatic and medicinal plants

Madhya Pradesh: Onions,

garlic, seed spices, lentils

Karnataka: Gherkins, rose,

onions, flowers, vanilla

Tamil Nadu: Flowers, mangoes,

cashew nuts

Jammu & Kashmir: Apples,

walnuts

Punjab: Basmati rice, vegetables

Himachal Pradesh: Apples

Rajasthan: Coriander, cumin

Gujarat: Mangoes, vegetables,

sesame seeds

Assam: Ginger

Source: APEDA, Aranca Research

20

8

6

5

5

4

4

44

Maharashtra

West Bengal

Andhra Pradesh

Madhya Pradesh

Karnataka

Uttaranchal

Uttar Pradesh

Tamil Nadu

Other States

MARCH

2013

F d P iMARCH


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FDI inflows into agriculture and food processing

between April 2000 and August 2012 stood at USD4.7

billion

Demand growth, supply advantages, and policy

support have been instrumental in att racting FDI

GROWTH DRIVERS

Food Processing

Notes: FDI - Foreign Direct Investment,

Cumulative FDI inflows (Apr 2000 - Aug 2012)into the food and agriculture sector

Source: Department of Industrial Policy & Promotion,

Aranca Research

0

200

400

600

800

1,000

1,200

1,400

1,600

Agriservices

Foodprocessing

Fermentation

Vegetableoil

Agrimac

hinery

Teaand

Coffee

Sugar

0%

10%

20%

30%

40%

Cumulative FDI inflow (USD million)

Share of total FDI inflow (%) - right axis

MARCH

2013

Foreign investments flowing in; rise inplan expenditure (1/2)

F d P iMARCH


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2626

36.3%

45.4%

11.5%

5.5%

1.3% Infrastructure

development

National Mission on

Food Processing

Strengthening of

institutions

Food Safety, R&D and

Promotional Activities

Innovation FundScheme


The governments main focus is on supply-chain

related infrastructure like cold storage, abattoirs and

food parks

GROWTH DRIVERS

Food Processing

12th Five Year Plan (2012-17) outlay shares:food processing

Source: Ministry of Food Processing Industries (2009-10

Annual Report), Aranca Research

Notes: GOI - Government of India

Plan allocation to the food processing sector:USD2.9 billion

MARCH

2013

Foreign investments flowing in; rise inplan expenditure (2/2)

F d P iMARCH


27/40


PE investments in the food and agriculture totaled USD650 million during 2008-11

Company Investor Type of businessDeal value (USD

million)

Nuziveedu Seeds Blackstone Group Floriculture 80.0

Prakash Snacks Pvt Ltd Sequoia Capital Snacks 30.0

Amalgamated Beans Coffee Trading Co Darby Asia InvestorsNon-citrous fruitfarming

25.0

Bush Foods Overseas Pvt Ltd Standard Chartered Pvt Eq Ltd Rice milling 25.0

Tirumala Milk Products Carlyle Group Milk production 22.0

The CREMICA Group Motilal Oswal Private Equity AdvisorsGeneral food

products15.0

Nashik Vinters Verlinvest SA Wine and liquor 15.0

Parag Milk & Milk Products Motilal Oswal Private Equity Advisors Dairy products 14.1

Godrej Tea IL&FS Investment Managers Coffee Coffee and tea 13.5

Bakers Circle India Pvt. LtdGEM India Advisors Ltd

Frozen doughs

and desserts2.82

Food Processing

PEdeals

Jan2010-Nov2012

MARCH

2013

Rising Private Equity (PE) funding;M&A activity stable (1/2)

F d P iMARCH


28/40


Source: Thompson One Banker, Aranca Research

Notes: M&A - Mergers and Acquisitions

Food Processing

M&A activity was steady in 2011

Target company Acquirer company Type of businessDeal value

(USD million)

United Spirits Ltd Relay BV Liquor 2,045

GMR Industries Ltd EID Parry Sugar 114.8

Jay Mahesh Sugar Industries NSL Sugars Ltd Sugar 51.99

Eastern Condiments McCormick & Co Seasonings, sauces 35.0

Krishidhan Seeds Summit Partners Agricultural seeds 30.0

Bajaj Hindustan Sugar & Ind Bajaj Hindusthan Sugar, ethanol 14.1

Associated Distilleries Globus Spirits Liquor

14.0

Candico India Keventer Agro Candy items 11.2

M&Adeals

Jan2010-Nov2012

MARCH

2013

Rising Private Equity (PE) funding;M&A activity stable (2/2)

F d P iMARCH


29/40


Players like McCormick had identified India as a strategic market way back in the 1990s

Global players like Hershey are now keen on entering the increasingly attractive Indian market

Established players like Nestle and Coke are extending their global JVs to India

GROWTH DRIVERS

Foreign Players Indian Partner Type of business Stake ratio Year

Dan Cake Phadnis Group Cake and biscuits 66:34 2011

McCormick Kohinoor Foods Ltd Basmati and food products 85:15 2011

McCormick Eastern Condiments Seasonings 26:74 2010

Nestle, Coca Cola -- Beverage 50:50 2010

Hershey Godrej Chocolates 51:49 2007

McCormick AVT Spices 50:50 1994

Source: Thompson ONE Banker, Aranca Research

Note: JV - Joint Venture


2013

Sector has been attracting foreign JVpartners for a long time


30/40

3030

Contents

Advantage India


Growth drivers


Opportunities

Useful information



2013

F d P iMARCH


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3131For updated information, please visit www.ibef.org SUCCESS STORIES: OPERATION FLOOD, AMUL

Food Processing

Operation Flood was initiated in 1970 by the National Dairy Development Board to achieve national self sufficiency

in milk production by creating nationwide milk grids; under Operation Flood -

Indiasmilk production rose to 127.3 million metric tonnes (mmt) in FY12 from 21.2 mmt in FY1969

India retained its position as the worlds largest milk producer in 2011-12 with an annual production of 127.3

million metric tonnes Dairy cooperatives offer employment opportunities to about 12 million farm families

Source: National Dairy Development Board, GCMMF

(www.amul.com), Aranca Research

2013

Operation Flood: India gains selfsufficiency in milk production (1/2)

F d P iMARCH


32/40


Source: GCMMF (www.amul.com), Aranca Research

Food Processing

Dairy cooperative

societies (000)

Members (million)

Milk procurement

(million kg/ day)

Liquid milk marketing

(million litres/ day)

Milk drying capacity

(million tonnes/ day) 261

2.9

2.6

1.8

13.3

842

10.0

11.0

9.3

72.5

507.5

5.0

5.8

3.6

34.5

PHASE I

(Jul-1970 to

Mar-1981)

PHASE II

(Oct-1979 to

Mar-1985)

PHASE III

(Jul-1985 to

Mar-1996)

2013

Operation Flood: India gains selfsufficiency in milk production (2/2)

F d P iMARCH


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Notes: CAGR - Compound Annual Growth Rate

FY - Indian financial year (April - March)

Food Processing

Gujarat Cooperative Milk Marketing Federation

(GCMMF) is the largest food products marketing

organisation in India

Set up in 1967, it is Indias largest exporter of dairy

products and has been accorded trading housestatus

0.5 0.6 0.6 0.6

0.80.9

1.1

1.4

1.7

2.0

2.4

0.0

0.5

1.0

1.5

2.0

2.5

3.0

FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12

GCMMF (Amul) sales (USD billion)

2013

The Amul saga: a cooperativemovement leads the way (1/2)



34/40


Food Processing

Facts and Features

Producer members (million) 3.18

Village societies 16,117

Milk handling capacity (million litres/day) 13.67

Total milk collection (FY12, billion litres) 3.88

Daily milk collection (FY12, million litres) 10.6

Milk drying capacity (million tonnes/day) 647

Notable Awards Authority

Excellent performance in dairy product exports

for 11 consecutive yearsAPEDA

CIO International IT Excellence Award (2003)for positive business performance throughresourceful IT management and best practices

IDGs CIO

Magazine(USA)

International Dairy Federation MarketingAward (2007) for Amulspro-biotic ice cream

launch

InternationalDairy

Federation


2013

The Amul saga: a cooperativemovement leads the way (2/2)

Main brand: Amul

Products: milk (including flavoured), butter, margar ine, cheese, curd, desserts, infant food


35/40

3535

Contents

Advantage India


Growth drivers


Opportunities

Useful information



2013



36/40

3636For updated information, please visit www.ibef.org OPPORTUNITIES

Notes: PPP - Public Private Partnership,

AEZ - Agri Export Zones

FDI - Foreign Direct Investment

Opportunities

Food Processing

Untapped market with strong

growth potential

Fragmented market leads to

lower processing levels andvalue addition

The government plans to

raise value addition to 35

per cent by 2015 (from 20

per cent in 2005)

PPP modules ideal for the

private sector

Strong demand growth -

household consumption set

to double by 2020

Potential global outsourcing

hub

Global supermarket majors

are looking at India as amajor outsourcing hub

India enjoys favourable

supply-side fundamentals

(abundant raw materials

supply, cost advantages)

The government has helped

by investing in AEZs, mega

food parks, easier credit

Supply chain infrastructure and

contract farming

Both firms and the

government are eager toboost efficiency and access

to markets

Investment potential of

USD22 billion in food

processing infrastructure;

100 per cent FDI in this area

Firms increasingly taking

recourse to contract farming

in order to secure supply

2013


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3737

Contents

Advantage India


Growth drivers


Opportunities

Useful information



2013



38/40

3838For updated information, please visit www.ibef.org USEFUL INFORMATION

Industry Associations

Agricultural and Processed Food Products Export Development

Authority APEDA)

NCUI Building 3, Siri Inst itutional Area,

August Kranti Marg, New Delhi - 110 016

Phone: 91-11-26513204, 26514572, 26534186

Fax: 91-1126526187

E-mail: [email protected]

Marine Products Export Development Authority MPEDA)

MPEDA House, Panampilly Avenue

PB No 4272, Cochin - 682 036

Phone: 91-484 2311979/2311803

Fax: 91-484-2313361

e-mail: [email protected], [email protected]

Food Processing 2013



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Glossary

AEZ: Agri Exports Zones

MFP: Mega Food Parks

CAGR: Compound Annual Growth Rate

FDI: Foreign Direct Investment

MT: Million Tonnes

IIP: Index of Industrial Production

FY: Indian Financial Year (April to March)

So FY12 implies April 2011 to March 2012

GOI: Government of India

INR: Indian Rupee

PPP: It could denote two things (mentioned in the presentation accordingly) -

Purchasing Power Parity (used in calculating per-capita GDP)

Public Pr ivate Partnership (a type of joint venture between the public and private sectors) PE: Private Equity

APEDA: Agriculture & Processed food products Export Development Authority

GCMMF: Gujarat Cooperative Milk Marketing Federation

USD: US Dollar

Conversion rate used: USD1= INR48

Wherever applicable, numbers have been rounded off to the nearest whole number

USEFUL INFORMATION



2013


40/40

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any liability or responsibility for the outcome of decisions

taken as a result of any reliance placed on this

presentation.

Neither Aranca nor IBEF shall be liable for any direct or

indirect damages that may arise due to any act or

omission on the part of the user due to any reliance

placed or guidance taken from any portion of thispresentation.


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