India's Farm Exports To Exceed US Dollar 53 Billion In 2023-24, Says Union Minister Piyush Goyal

India's agricultural exports in 2023-24 will exceed last year's level of $53 billion despite the restrictions imposed on overseas shipments of some commodities, Commerce and Industry Minister Piyush Goyal said on Monday.

"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 export of rice, wheat or sugar," Goyal said in his address at IndusFood Show 2024 here.

India is the world's second-largest producer of wheat, rice and sugar, but had clamped curbs on the export of these commodities to increase domestic availability to rein in rising prices. India's agricultural exports are expected to drop by $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 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.

Future Projections and Growth Potential

Commerce Secretary Sunil Barthwal said, "I am very sure that the USD 50 billion agricultural exports of India today will double by 2030 to almost USD 100 billion."

Addressing the Indusfood event, the secretary said that areas like the ready-to-eat food segment have huge potential to grow. He also urged the industry to focus on meeting the technical standard required in the importing countries.

Speaking at the event, Trade Promotion Council of India Chairman Mohit Singla said that over 1,200 exhibitors and more than 7,500 buyers from across the world representing about 90 countries are participating in the three-day show.