The release of NRAI’s food service report 2016 was launched at the India Habitat Center in the capital on 20th July, where Shri Amitabh Kant, CEO of NITI Aayog (National Institution for Transforming India) empowered the event as the Chief Guest. The report extensively described the trade and hospitality sector of the country.
Mr. Samir Kuckreja, past president of NRAI introduced the report with an in-depth address to the international market out standings of over nine countries including USA, China, UAE, Africa, Turkey etc. He also said that the total contribution of the restaurant industry will contribute about 2.1% growth to the GDP by 2021. Shri Amitabh Kant congratulated and well wished for the NRAI team for establishing a comprehensive project and to portray the alleviating concept of ‘dining-out’.
Honorary Secretary of NRAI, Mr. Rahul Singh, presented the beneficiary process of the restaurant industry that can boost real estate plus agriculture. The President of NRAI, Mr Riyaaz Amlani said, “The total food services market today stands at INR 3, 09, 110 crores and has grown at 7.7 % since our last report in 2013. This is projected to grow to INR 4, 98, 130 crores at a CAGR of 10% by 2021. This year alone, the Indian restaurant sector will create direct employment for 5.8 million people and contribute INR 22, 400 crores by way of taxes to the Indian economy.” He also included that this sector promotes the maximum manpower requirement.
Sharing his views upon the speculations of both organised and unorganized sector, he mentioned that the organised market stands only at 33%. He stated the cause of this is hugely due to the incomprehensive regulations of the licensing authorities and the high taxation. He commented that NRAI already is expecting brighter days for the near future. The report explains how the steady growth of food industry shadowed the challenges of real estate and manpower expense, with the inadequate supply.
The event delegated well and enhanced the perspectives about the restaurant industry and how it adds immensely to the tourism sector as well, demanding the organised sector to expand for an exponential growth of the country’s supply in hospitality.