Located in Asia, India is an agrarian economy. A major section of the population is involved in agriculture and allied activities and the sector provides livelihood to over 151 million Indians. Fueled by the active participation of around 60% of the population, the agriculture sector contributes approximately 18% to the country’s GDP and so the Government of India always takes initiatives and makes efforts to boost the agriculture sector of the country.
From providing fertilizers and seeds to procuring supplies at the best rate, the GOI has always done its bit to support the agriculture sector of the country. Not only in the domestic markets, but the Government of India (GOI) time and again have also encouraged farmers to export several agro-commodities to global buyers around the world and leverage the demand for the growth of their own agro-business. And, owing to these persistent efforts, India has been making a mark and has been earning a name for itself in the global markets. Recently, the Asian nation grew its agriculture and processed food exports by 13% in the April-December period of the current fiscal year and with that touched the USD 19.69 billion mark.
Ministry of Commerce and Industry’s Statements
Ministry of Commerce and Industry on 2nd of February, 2023, said that India’s agriculture and processed food exports for the April to December period of the current fiscal year rose by 13 percent to touch the USD 19.69 billion mark.
Riding on optimism, experts and analysts are of the opinion that the Asian nation is likely to realize the export target of USD 23.6 billion, which has been fixed by the Agricultural and Processed Food Products Export Development Authority (APEDA) for the fiscal year 2022-2023.
Outbound Shipments Of Rice and Wheat Witness A Rise, Meat, Dairy, and Poultry Products Dip
A look at the figures reveals that India’s agriculture and processed food exports have grown owing to increased outbound shipments of different varieties of rice and wheat.
For the period under consideration, India’s Basmati Rice Exports surged by 40.26 percent to reach USD 3.33 billion mark. Similarly, for Non-Basmati rice, the exports increased by 3.35 percent to USD 4.66 billion.
India’s agri and processed food exports also received a boost from increased wheat exports this fiscal. According to the Ministry of Commerce and Industry, India’s wheat exports have grown by 4 percent in nine months of the current fiscal year. In comparison to April-December 2021, where India exported wheat of value USD 1452 million, the Asian nation’s wheat exports have been USD 1508 million for the same period this fiscal year.
While exports of basmati rice, non-basmati rice, and wheat have witnessed a rise, outbound shipments of meat, dairy, and poultry products have dropped by 0.68 percent to USD 3 billion during the April-December period of the current fiscal year.
The Bottom Line
India is an agrarian economy with a major section of its population engaged in agriculture and allied activities. The agriculture sector contributes around 18% to the country’s GDP and so the sector is of prominence to the country.
Owing to these, the GOI always takes initiatives and encourages farmers to sell their produce in the domestic as well as in the foreign markets and it is a result of these persistent efforts that India’s agriculture and processed food exports have grown by 13% in the first nine months of the current fiscal year.
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