India’s food processing minister has approached the ministry of finance with a proposal to offer the food industry an eight-year tax holiday and to keep VAT below 4% for perishable and non-perishable processed foods products.
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“This sector should be treated like the infrastructure sector. Eight-year complete holiday is required for the sector to boost growth and we are trying to send all recommendations on fiscal taxation to the finance ministry,” said minister Subodh Kant Sahai in an official release.
Sahai added: “When India’s overall growth was at 5% to 6%, this ministry’s growth was at 14%. Within 100 days, we will give you a growth rate of a minimum 20%.”
