Trade of sweets & snacks likely to reach all-time high of ₹1.25 lakh crore


Written by Harshit Sabarwal | Edited by Poulomi Ghosh, New Delhi

The trade of sweets and snacks (namkeen) in the current financial year will likely reach an all-time high of 1.25 lakh crore, an industry body representative said on Saturday.

The news comes as markets regained the traditional excitement in this year’s festive season, after dull sales due to the Covid pandemic.

Speaking to news agency PTI, Federation of Sweets and Namkeen Manufacturers (FSNM) director Firoz H Naqvi said that the demand for Modak and other sweets has increased during the ongoing Ganesh Chaturthi and this trend is expected to continue during Dussehra, Diwali and Holi as well.

During the Rakshabandhan festival in August, the trade of sweets and snacks saw tremendous growth, Naqvi said on Saturday.

The trade was earlier hit by the Covid pandemic and suffered a loss of 35,000 crore in 2020-21 when the total trade was reduced to 65,000 crore, he added.

“The sweets-namkeen industry recovered from the setback in 2021-22 when it witnessed a total trade of 1.10 lakh crore and is now marching towards further improvement.”

On being asked about the impact of inflation on the common citizen’s pocket, the FSNM director told PTI that “people may curtail their expenses on jewellery and clothes, but sweets and namkeen are an essential constituent of festivals.”

Firoz H Naqvi also said that the export of sweets from India has been limited to 2,000 crore to 3,000 crore as there are regulatory hindrances in sending milk-based sweets to countries like New Zealand, Canada and the United Kingdom (UK).

See also  Adani Transmission to acquire Essar’s Mahan-Sipat project

Naqvi added that the Centre should work to remove these regulatory hindrances through bilateral discussions as it will not only benefit the domestic sweets manufacturers, but also milk producers.

(With PTI inputs)

Source link