Piyush Goyal Predicts India's Agri Exports to Exceed $53 Billion in 2023-24
Commerce and Industry Minister Piyush Goyal stated that despite restrictions on certain commodity exports, India's agricultural exports for the fiscal year 2023-24 are expected to surpass the previous year's level of $53 billion. "We had agri exports in the aggregate of about $53 billion in 2022-23, and we expect the number to increase in the current year despite the restrictions placed on the export of rice, wheat or sugar", Goyal said in his address at IndusFood Show 2024.
Despite being the world's second-largest producer of wheat, rice, and sugar, India has imposed restrictions on the export of these commodities to boost domestic availability and control the upward trend in prices. It is anticipated that India's agricultural exports will experience a decrease of $4 billion to $5 billion this year.
However, the increase in the exports of other farm goods is expected to offset this decline. Data from the Agricultural and Processed Food Products Export Development Authority (APEDA) showed that exports of meat and dairy, cereal preparations, and fruits and vegetables rose between April and November this year.
Speaking at the Indusfood event, Commerce Secretary Sunil Barthwal expressed confidence that India's current agricultural exports of USD 50 billion will likely double by 2030, reaching almost USD 100 billion. He highlighted the significant growth potential, particularly in segments such as ready-to-eat food.
Encouraging the industry, he emphasized the importance of adhering to the technical standards mandated by importing countries. During the event, Mohit Singla, Chairman of the Trade Promotion Council of India, mentioned the participation of over 1,200 exhibitors and 7,500 buyers from approximately 90 countries, highlighting the global presence at the three-day show.
