To enhance agricultural exports, the Indian government is gearing up to promote 20 high-potential agricultural products globally. The identified products, including basmati rice, alcoholic beverages, honey, mangoes, and bananas, are part of a strategic initiative to tap into lucrative international markets. The Department of Commerce and the Agricultural and Processed Food Products Export Development Authority (APEDA) have kickstarted discussions with various stakeholders, including state governments, to formulate a robust action plan.
This plan, expected to be finalized within the next 3 months, aims to revitalize India's agricultural export sector. This initiative gains significance against the backdrop of a recent contraction in India's overall agricultural exports due to restrictions on essential items like rice, wheat, sugar, and onions. The formulation of a concrete export strategy is essential to reverse this trend and capitalize on international demand for these agricultural goods.
Apart from domestic challenges, external factors such as the Russia-Ukraine conflict and the Red Sea crisis have also influenced agricultural exports. The ongoing Israel-Iran conflict, although not yet a major factor, adds to the uncertainties affecting global trade dynamics.
In 2022, global imports of the targeted 20 commodities were valued at an impressive USD 405.24 billion, with India's share standing at a modest USD 9.03 billion. This discrepancy highlights the immense scope for growth and expansion in international markets.
The identified key markets for these agricultural products include the US, Malaysia, Canada, Russia, Germany, France, South Korea, China, Indonesia, Japan, Italy, Belgium, and the UK. Tapping into these markets effectively would significantly contribute to boosting India's agricultural export revenue.
The forthcoming action plan, expected to be unveiled in the next few months, holds promise for rejuvenating India's agricultural export sector and enhancing its global presence in the agri-food market.
