Processed Food Exports Rise Fourfold, Rice Exports Up 62% Since 2014: Goyal

Noting that India’s exports of food and agricultural products have reached nearly Rs 5 lakh crore annually, Union Minister of Commerce and Industry Piyush Goyal said that exports of processed foods have increased fourfold, fruit and pulses exports have tripled, processed vegetable exports have quadrupled, cocoa exports have tripled and cereal exports have doubled.

Rice exports alone have grown by 62 per cent during this period, he noted, while addressing the gathering at the inauguration of the 40th edition of Aahar, the international food and hospitality fair. He added that the country is the seventh largest exporter of agricultural produce in the world.

Goyal said these achievements should inspire India to aspire for the top position globally in agricultural and processed food exports and become the “food basket of the world.” He added that India today has preferential market access covering nearly two-thirds of global trade, which strengthens India’s position as an attractive investment destination and enables Indian businesses to integrate into global value chains.

Goyal emphasised that while negotiating FTAs, the Government has carefully safeguarded the interests of domestic stakeholders, particularly farmers, fishermen and micro, small and medium enterprises (MSMEs).

Goyal also encouraged farmers and entrepreneurs to take advantage of the Rs 1 lakh crore agriculture infrastructure fund and focus on food processing and value addition, which can enable farmers to access higher-value global markets.

The Minister pointed out that Europe represents a major market for agricultural and processed food imports, especially with new trade arrangements that provide near-zero or very low duties on many Indian products. He also referred to opportunities arising from India’s agreements and partnerships with EFTA countries. He added that negotiations with Canada are progressing and discussions with the six-nation GCC group of countries in the Middle East have recently been introduced.

This article has been republished from The Business World.