Farm exports from India will hit an unprecedented $50 billion mark in FY22 as significant growth has been witnessed in the shipments of meat, poultry, rice and marine items, The Economic Times reports.
Amongst this, rice exports alone are estimated to reach the $9.5 billion mark, which makes up for around 50 per cent of the total global rice export market.
Previously, the country exported agricultural products worth $35.16 billion and $41.25 billion in FY20 and FY21.
"In spite of the disruptions caused by Covid-19, agriculture exports did well in 2020-21. The upward trend has continued during the current year," a government official in the know of developments was quoted in a report by the Economic Times.
The officer added, "We expect farm exports to reach the highest and record $50 billion this year."
Exports of coffee and cereals notably shot up by 45 per cent and 66 per cent respectively in this fiscal whereas the overall shipment of marine products reached the record $8 billion figure.
Most remarkably, India's wheat exports increased by 421 per cent in the initial eight months of the current fiscal year as total farm exports grew close to 19 per cent year-on-year (YoY) during that period.
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