New Delhi: India’s dairy business will grow sharply by two and a half times to Rs 30 lakh crore as the Union government has promised to further boost the dairy cooperative sector, NDDB Chairman Meenesh Shah said on Tuesday.
“The current value of the Indian dairy business is close to Rs 13 trillion. We expect this to more than double in the next five years and reach close to Rs 30 trillion by 2027,” he told the ongoing IDF World Dairy Summit.
According to Shah, while the dairy sector will maintain an average growth rate of 15 per cent, some of its value added verticals like organic milk, cheese, flavoured milk and lassi will be growing at over 20 per cent.
“These products are slated to drive the growth of the Indian dairy sector in the coming years,” he added.
Union Minister for Fisheries and Animal Husbandry Parshottam Rupala said the country has a sound organizational structure to help the stakeholders in dairy business to take the sector to the next level.
“We all know how dairy cooperatives have played a crucial role in the emergence of India as the global dairy powerhouse. The government is committed to give further boost to dairy cooperatives,” he said.
The value addition in India will be defining the trend in the future, Rupala said, adding the government is not only committed to help stakeholders in shoring up production but has also put in place regulations comparable to the global standards to ensure that consumers get nutritious dairy products.
Amul’s Managing Director R S Sodhi also projected the Indian dairy sector making massive gains at the global level in the coming decades.
“Currently, we are producing 23 per cent of the total global production. By 2045, this may well shoot up to 47 per cent,” he said.
The summit, being held 48 years after India hosted the International Dairy Congress in 1974, was inaugurated by Prime Minister Narendra Modi.