Commerce and Industry Minister Piyush Goyal expressed optimism about India's agricultural export growth for the fiscal year 2023-24, expecting it to surpass the previous year's record of $53 billion. Despite restrictions imposed on the export of key commodities like rice, wheat, and sugar to stabilize domestic availability and curb rising prices, Goyal anticipates a favorable uptick in overall agricultural exports.
India, being a prominent global producer of wheat, rice, and sugar, imposed limitations on the export of these essential commodities, resulting in an expected decline of $4 billion to $5 billion in agricultural exports this year. However, this decrease is likely to be offset by increased exports in other agricultural segments. Recent data from the Agricultural and Processed Food Products Export Development Authority (APEDA) indicate an upward trajectory in exports of meat and dairy products, cereal preparations, as well as fruits and vegetables during the period from April to November.
Commerce Secretary Sunil Barthwal expressed confidence in India's agricultural export potential, foreseeing a growth trajectory from the current $50 billion mark to nearly $100 billion by 2030. He highlighted areas such as the ready-to-eat food segment as having substantial scope for expansion and encouraged the industry to prioritize meeting the technical standards required by importing nations.
During the IndusFood event, Mohit Singla, Chairman of the Trade Promotion Council of India, highlighted the participation of over 1,200 exhibitors and more than 7,500 buyers representing approximately 90 countries. The three-day show aims to facilitate international business interactions and showcases the diverse offerings within India's agriculture and food sector.
(With Agency Inputs)
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