NEW DELHI- India’s agricultural exports will rise in fiscal 2023/24 from last year despite curbs on wheat, rice and sugar, the nation’s trade minister said on Monday, amid efforts to diversify shipments.
The world’s second-largest producer of wheat, rice and sugar, India restricted exports of these commodities last year in a bid to rein in rising domestic prices.
These restrictions are likely to cause a shortfall of about $4 billion to $5 billion this year, Reuters reported last month.
“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,” trade minister Piyush Goyal said in his address to a conference in New Delhi.
Data from state-run trade body APEDA showed that exports of meat and dairy, cereal preparations, and fruits and vegetables rose between April and November this year.
India is likely to project higher economic growth estimates of around 7 percent for the 2023/24 fiscal year ending in March, compared with earlier government forecasts.
An increased estimate of annual gross domestic product is widely expected after the Reserve Bank of India (RBI) revised its own growth forecast last month to 7 percent for the current fiscal year, from an earlier estimate of 6.5 percent.
