agriculture: On one hand, all kinds of claims are being made regarding the boom in the Indian economy. However, there is a decline in the country’s agricultural exports and agricultural GDP. It is being told that the country’s agricultural exports declined by 8.8 percent to $ 43.7 billion during April-February in the financial year 2023-24. The main reasons for this are the Red Sea crisis, Russia-Ukraine war and domestic sanctions imposed on important commodities like rice, wheat, sugar and onion. According to Commerce Ministry data, agricultural exports in the April-February period of the financial year 2022-23 stood at $ 47.9 billion.
What was the impact on GDP?
Agricultural Gross Domestic Product of the country (GDP) also saw a significant decline. It increased by only 0.7 percent in 2023-24, which was 4.7 percent in 2022-23. The data also showed that exports of 719 scheduled agricultural products in the APEDA (Agricultural and Processed Food Products Export Development Authority) ‘basket’ declined by 6.85 percent to $22.4 billion during the 11 months of the last financial year. Whereas in April-February 2022-23 it was $24 billion. An official said that export bans and restrictions on commodities like rice, wheat, sugar and onion have affected agricultural exports worth about five-six billion dollars in the last financial year. However, 17 out of 24 major commodities have seen positive growth during this period. This includes fresh fruits, buffalo meat, processed vegetables, basmati rice and banana.
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Export of Basmati rice increased
In value terms, exports of Basmati rice increased by 22 percent to $ 5.2 billion in April-February 2023-24. It was $4.2 billion in April-February 2022-23. The official also said that the Israel-Iran war has no direct impact on exports as it is an emerging situation, but we are keeping an eye on the situation. There is no major shock at present. The world has imported liquor products worth $113.66 billion in 2022. India’s exports stood at $180 million in 2022. India currently ranks 40th in global exports of alcoholic beverages.
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