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India’s agricultural exports will cross $40 billion in FY22: NABARD Chairman.


Date: 13-07-2021
Subject: India’s agricultural exports will cross $40 billion in FY22: NABARD Chairman
India’s agricultural exports will cross $40 billion in FY22 driven by strong global demand for sugar, cotton, oilcakes, oilseeds and non-basmati rice and due to better understanding of the global markets by the Indian farming community, according to GR Chintala, chairman, National Bank for Rural and Agriculture Development (NABARD).

“Producers have understood the overseas market requirements and the quality of products that are in demand. This is driving agri exports from India. China has emerged as a major buyer of agriculture products in the world markets. Also, we are in the midst of a commodity super cycle,” said Chintala.

After remaining stagnant for the past three years at $38.43 billion in 2017-18, $38.74 billion in 2018-19 and $35.16 billion in 2019-20, the export of agriculture and allied products (including marine and plantation products) jumped to $41.25 billion in 2020-21.

This represented a stunning 17 percent rise. On the other hand, overall exports from India suffered a 7.2 percent fall to $ 256.34 billion, down from the $ 313 billion in 2020-21.

Chintala said Farmer Producer Organisations (FPO) are playing a key role in increasing exports from the country. There are about 8,000 FPOs in the country, of which 4868 FPOs are funded by NABARD and its subsidiaries. The farmers’ benefits have increased by 20 per cent to 40 per cent after they joined FPOs because they get the inputs at competitive prices, hire machinery and add value to their produce to garner better prices in the markets.

NABARD has a target of disbursing Rs 7.5 lakh crore for agriculture and rural development in FY22 as compared to 6.57 lakh crore in FY21.

To ensure farmers obtain minimum support price for their produce, NABARD has strengthened procurement operations of various state governments. “In FY21, we had disbursed around Rs 50,000 crore on procurement head. This year we aim to increase it by another Rs 5,000 crore – Rs 10,000 crore,” the NABARD chairman added.

NABARD has come out with a new product called Rural Infrastructure Assistance (RIAS) for eastern India states. “We are seeing that a number of eastern India states are keen to borrow under RIAS to set up medical infrastructure,” Chintala said.

Source:economictimes.indiatimes.com

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