Located in Asia, India is an agrarian economy. Almost, 60 per cent of the total population of India is employed in agriculture and allied activities and the sector contributes around 20 per cent to the country’s GDP.
Not only does the agriculture sector generate livelihood for thousands of Indians and helps meet the domestic needs of the country, it also plays a crucial role in meeting the consumption needs of people around the world. From rice to sugar, pulses and spices, different countries around the world depend upon different agro-commodities from India for their consumption needs and this in turn boosts the GDP of the country in general and the income of farmers in particular.
This time as well, India had generated good revenue from exports of agro-commodities. According to Directorate General of Commercial Intelligence and Statistics (DGFT), India’s exports of agriculture and processed food products grew by 9 per cent and reached $23.1 billion during the first eleven months of 2022-23.
Rice Exports Grew By 16% YoY During The Period
India’s agriculture and processed food products exports during the April 2022- February 2023 period rose by 9 per cent primarily due to a sharp rise in exports of rice. As per data, rice exports during the period grew by 16% in comparison to last year and reached a record $10 billion this time around.
This rise in rice exports from India was a result of robust global demand, adherence to quality parameters and competitive prices offered by Indian rice exporters during the mentioned period.
Fresh, Processed Fruits And Vegetables Exports Rose, While Export Of Meat, Dairy And Poultry Products Declined
Directorate General of Commercial Intelligence and Statistics (DGFT)’s statements also shed light on the fact that India’s fresh and processed fruits and vegetables exports grew by 11% to reach $2.8 billion while the exports of meat, dairy and poultry products witnessed a marginal drop.
The Bottom Line
Not only does the agriculture sector of India helps meet the consumption needs of the people of the country, but it also helps in meeting the consumption needs of countries around the world. This in turns boosts the earning of farmers and aids to the country’s GDP. Every year, India generates good revenue from exports of agriculture and processed food and according to Directorate General of Commercial Intelligence and Statistics (DGFT), India’s agriculture and processed food exports during the first eleven months of current fiscal year rose by 9 per cent and reached $23 bn.
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