The restaurant industry or the food services industry contracted by about 53 percent in the financial year 2021 as the COVID-19 pandemic wreaked havoc, a report released by the National Restaurant Association of India (NRAI) said on Monday.
According to the report, globally, the food services industry was amongst the hardest hit by the COVID-19 pandemic, with India being no exception. “In FY21, Indian Food Services Industry contracted severely leading to permanent closure of over 25 percent of Food Business Operators which resulted in job losses of nearly 24 Lakh people,” it said.
“In FY21, the food services industry in India declined by 53 percent and was estimated to be worth Rs 2,00,762 crore, compared to Rs 4,23,624 crore in FY2020. In FY22, the food services industry is expected to recover and reach a size of Rs 4,72,285 crore. The industry employs about 73 Lakh people and is one of the largest employment generators for the economy,” it added.
National Restaurant Association of India (NRAI) is a body representing the voice of the Indian restaurant industry. Founded in 1982, it represents the interests of 5,00,000+ restaurants, an industry valued upwards of Rs 4,00,000 crore.Internet Explorer Channel Network