Volume 2 Issue 7

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Highest level in FY-22: India's agri export to reach the highest level of $50 billion by 2022

Date of News: 

20-01-2022

Date of Publication: 

10-02-2022

Unique ID:

202281508

Name of the Author: 

Gauri Naik

Field of Law: 

Business Law

Content of News:

According to government predictions, India's agricultural exports, which include marine and plantation products, will reach an all-time high of $50 billion in fiscal year 2021-22, up from $41.25 billion the previous fiscal. Exports of agricultural products were valued at $31.05 billion in April-November 2021, up 23.21 percent from $25.20 billion in the same period the previous year, according to a statement released by the Commerce & Industry Ministry on Thursday. "This year, our rice exports are expected to reach 21-22 million tonnes (mt), accounting for over half of the global export market" (about 48 per cent). Non-basmati rice exports climbed by almost 46% this year, according to the press release. India has returned after a long absence. So far this year, India has been able to export significant amounts of wheat, with a growth rate of roughly 421%. Sugar exports have also climbed by 62 percent, while other cereal exports have increased by 79 percent. "Farmers in Punjab, Haryana, Uttar Pradesh, Bihar, West Bengal, Chhattisgarh, Madhya Pradesh, Telangana, Andhra Pradesh, and Maharashtra have profited from increased exports of these items," according to the announcement.

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