India’s agricultural exports expected to increase despite restrictions on wheat, rice, and sugar, says minister
Published on: January 11, 2024.
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India Expects Agricultural Exports to Rise Despite Export Restrictions
India’s agricultural exports are projected to increase in fiscal year 2023/24, according to the nation’s trade minister. Despite restrictions on wheat, rice, and sugar exports implemented last year to control domestic prices, India remains optimistic about the growth of its agricultural exports.
As the second-largest producer of wheat, rice, and sugar in the world, India’s export restrictions have led to an estimated shortfall of around $4 billion to $5 billion this year, as reported by Reuters in the previous month. However, Trade Minister Piyush Goyal believes that the overall value of agricultural exports will still surpass the previous year’s figure of $53 billion.
Speaking at a conference in New Delhi, Minister Goyal expressed confidence in the resilience of India’s agricultural sector. Although the export restrictions on rice, wheat, and sugar may have an impact, India’s agricultural exports are expected to expand in other areas.
Data from the Agricultural and Processed Food Products Export Development Authority (APEDA) reveals positive growth in exports of meat and dairy products, cereal preparations, and fruits and vegetables. These sectors have experienced an increase in exports between April and November of the current year.
India’s efforts to diversify its export portfolio have proven successful as it seeks to sustain the growth of its agricultural exports. Despite the challenges posed by export restrictions, the country remains committed to expanding its presence in international markets.
Source: [Nasdaq](https://www.nasdaq.com)
