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Industry to achieve export target of $100 billion in next five years: TPCI

Industry to achieve export target of $100 billion in next five years: TPCI
By: PTI | Published: May 20, 2020 6:50:54 PM
The Trade Promotion Council of India (TPCI) said measures announced by the government for promoting the agri and food sector will help in boosting outbound shipments.
New inclusions like cereals, fresh fruits, edible oils, oilseeds, pulses, dairy products and fisheries in the food portfolio will further boost export, Singla said.

New inclusions like cereals, fresh fruits, edible oils, oilseeds, pulses, dairy products and fisheries in the food portfolio will further boost export, Singla said.
With the government taking steps in the agriculture and food sector, industry will be able to achieve export target of USD 100 billion worth in the next five years by focusing on untapped global markets like Africa, Latin America, Middle East and Oceania, TPCI said on Wednesday.

The Trade Promotion Council of India (TPCI) said measures announced by the government for promoting the agri and food sector will help in boosting outbound shipments.

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The amendment in the Essential Commodities Act will be a game changer, as it will make agriculture remunerative for farmers by bypassing the middleman, TPCI Chairman Mohit Singla said in a statement.

He said the move will lead to farmers connecting to the market of their choice and help monetise the produce through exports, plus help facilitating smooth inter-state trade.

“From the current USD 37 billion of exports, industry will be able to achieve export target of USD 100 billion worth in the next five years, while focusing upon untapped global markets namely, Africa, Latin America, Middle East and Oceania,” he said.

He added that the measures announced will help in diversification of export products, which will reduce dependency on just four to five commodities for exports.

New inclusions like cereals, fresh fruits, edible oils, oilseeds, pulses, dairy products and fisheries in the food portfolio will further boost export, Singla said.

“The scheme for formalisation of micro enterprise, wherein almost 2.5 lakh emerging smaller entrepreneurs will enter the fray, will lead to more primary producers feeding the bigger ancillary units to reduce the farm wastage and make Indian agro-food industry competitive,” he said.

Further, he said the animal husbandry infrastructure development fund will address the infrastructure and logistics gaps and strengthen the value chain.

Creation of good infrastructure along with a healthy animal population will make the dairy industry competitive against China, which often hinders export citing FDA (Food and Drug Administration) regulations,” he added.

He also suggested that branding agri-products through geographical indication (GI) would realise higher returns in global markets.