‘Food services third largest industry in India, accounts for 1.9% of GDP’
New Delhi: The National Restaurant Association of India (NRAI) launched India Food Services Report 2024 on Tuesday evening. The fifth edition of the report, being the first release post Covid-19, provides analysis between 2019-2024 into operational models and dining trends covering over 5300 people across 40 cities. Giving insights into the cities of Delhi, Gurugram and Noida, separate IFSR 2024 reports have also been released.
Delivering the welcome address, President-NRAI, Kabir Suri, said, “Despite the setbacks during the pandemic, the food service industry in India is experiencing rapid growth. It is the second largest employer with 85.5 lakh people contributing 1.4 per cent to the GST collection.” According to the report, food service is the third largest industry in India valued at Rs 5.69 lakh crores contributing 1.9 per cent to India’s GDP. While it is projected to grow to Rs 7.76 lakh crores by 2028, its tax contribution stood at Rs 33.81 thousand crores for 2024. Holding second position in India’s food services market, Delhi NCR has the market size of Rs 42 thousand crores. For Delhi consumers, the average frequency of ordering in per month at 4.86 times per person is marginally higher than the average frequency of dining out at 4.1 times per month per person. The national average of dine-out and ordering-in per person per month is 3.7 and 4.2 times respectively.
