This fiscal year, India reached the milestone of $53 billion in agriculture exports. However, after having banned the export of many agricultural commodities, India still expects the same revenue of $53 billion. The country banned the export of various commodities including rice, wheat and sugar. This export ban is expected to cost the country around $4-$5 billion.
A government official stated that the ban was imposed in an attempt to urge people to export newer commodities like bananas and value-added millet. Moreover, the government intends to increase banana exports to $1 billion in the next 3 years. They also want to increase the exports of other fresh fruits and vegetables from India, including mango, pomegranate and jackfruit.
India’s export industry is growing, but most of the exports are done by air and India is looking to weigh more on the sea routes, but that is proving to be difficult as the ripening period of every food is different. To ensure that India exports most of its commodities through sea, some protocols need to be set up. The latest commodities that are being exported from India include hog plums and cranberries from Varanasi; coconut water from Tirupur; and potatoes from Aligarh.
India has very ambitious plans for its exporting industry and that is coming to fruition as the exports surged around 14% last year. The country has to come up with a method to increase the exports of pricey and more exclusive commodities. However, the government is doing everything in their power to make its vision a reality and make India one of the top exporting countries in the world.
