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Agriculture: Despite restrictions, exports may reach $53 billion in FY24

Agriculture: Despite restrictions, exports may reach $53 billion in FY24

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Virendra Pandit 

 

New Delhi: India’s exports from the agricultural sector are likely to reach USD 53 billion in FY24, the same as in the previous fiscal, 2022-23, despite restrictions imposed on shipments of certain key commodities like rice, wheat, sugar, and onions, among others.

“We expect that we would reach that level despite a USD 4.5 billion-USD 5 billion impact because of the restrictions,” Additional Secretary in the Commerce Ministry Rajesh Agrawal was quoted as saying in media reports on Thursday.

The government has prohibited exports of wheat and non-basmati white rice and has imposed curbs on sugar exports.

He said the government is promoting exports of new products like bananas and value-added millet products to new global destinations.

“In the next three years, we are hoping to increase banana exports to USD 1 billion,” he said.

Exports of fruits and vegetables, cereals, meat, dairy, and poultry products registered a healthy growth rate during the April-November period this year.

Rice exports, however, declined 7.65 percent to USD 6.5 billion during the same period.

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