The first global food marketplace in 2020, the world’s largest, is set to open in Mumbai on October 1, as part of an effort to tackle the world food crisis.
Food companies are aiming to attract consumers from around the world to bid on products such as cereals, pasta, bread, noodles and fruit, which are commonly available on the market.
But the launch comes amid the ongoing crisis in the Indian market, with food prices in the country hovering around 30% of their pre-crisis peak.
The country has the second-highest number of malnourished children in the world, and India has seen the most cases of malnutrition in the last five years, according to the World Health Organization.
India has a population of more than 12 billion and an estimated 2.4 billion people are food insecure, according the World Bank.
According to the UN Food and Agriculture Organisation, India’s current food security rate is 30%.
India’s government has set the goal of raising food prices by 15% to 25% in 2020 by making the country’s food products more affordable, according a statement by the Ministry of Rural Development.