Agri exports likely to cross $50 bn this fiscal: Commerce Ministry
The country’s exports of agricultural products, including marine and plantation goods, increased 23.21 per cent to USD 31.05 billion in April-November 2021 and is expected to cross USD 50 billion for the “first time” this fiscal, the commerce ministry said on Thursday.
The ministry has taken several steps during the ongoing COVID-19 pandemic to push the exports.
These measures include an extension of validity of various certifications/ accreditations beyond their dates of expiry; setting up of control rooms to resolve problems; issuance of online certificates for exports; and facilitating opening up of more testing laboratories.
Farm exports expected to touch record $50 billion
India’s farm exports are likely to touch a record $50 billion in FY22, led by a sharp growth in shipments of rice and marine, meat and poultry items, according to officials.
In FY21, India had exported farm products worth $41.25 billion, up 17% from $35.16 billion in 2019-20.
Export of rice is likely to touch $9.5 billion in value terms, accounting for about half of the global rice export market, the officials said, adding that non-Basmati rice shipments are likely to clock $5.8 billion.
US lawmakers seek litigation at WTO against India on wheat subsidy
Top American lawmakers have urged the Joe Biden administration to initiate a litigation process at the World Trade Organization against India subsidising its farmers over half of the value of production for wheat.
US Wheat Associates, which has been aggressively pushing for such a move by the administration, has welcomed the letters by members of the Congress and Senate.
A group of 28 members of the US Congress, in a letter, said, “American commodity producers are operating at a clear disadvantage to their competitors, primarily from India, where the government is subsidizing more than half of the value of production for rice and wheat, instead of the 10 per cent allowable under World Trade Organization (WTO) rules.”