Thursday;July 21,2016:The new revelation made Indian Food Services Report reveal that,“Indian restaurant industry will contribute Rs. 22,400 crore lane of taxes and create 5.8 million straight jobs in 2016”
National Restaurant Association of India (NRAI)prepeared the report according to which ,“the country’s food services market is worth over Rs. 3.09 lakh crore and is estimated to reach close to Rs. 5 lakh crore by 2021”
"The report estimates that the restaurant industry will contribute close to 2.1 %to India’s GDP by 2021", NRAI Honorary Secretary Rahul Singh said
NRAI president Riyaaz Amlani said,“Total food services today stand at Rs. 3,09,110 crore and has grown at 7.7 % since our last report in 2013. It is projected to grow to Rs. 4,98,130 crore at a CAGR of 10 % by 2021,”
He further said, “This year alone, the India restaurant sector will create direct employment for 5.8 million people and contribute a whopping Rs. 22,400 crore by way of taxes to the Indian economy.”
Further adding said that,“India’s exponential growth and consumption in terms of frequency of eating out and experimentation with cuisines and concepts have given the F&B services sector such a fillip that the industry is currently estimated to be worth USD 48 billion in terms of overall market size,”
Reports meanwhile reveal that, “This is largely due to over regulation of our industry, the complex maze of approvals and licenses required and high tax brackets. It is about time that our industry’s socio-economic impact is recognised by the government and it initiates immediate steps to unlock the true potential of this behemoth”