Published 21:41 IST, October 10th 2020
Farm exports jump 43.4% in April-Sept to Rs 53,626 cr despite COVID-19 disruption
Amid COVID pandemic, export of essential agricultural commodities for the cumulative period of April-September, 2020 has increased by 43.4% to Rs 53,626 crore
- Economy News
- 2 min read
Despite the challenges posed by the COVID-19 pandemic, the export of agricultural commodities for the cumulative period of April-September, 2020 has increased by 43.4% to Rs 53,626 crore as compared to Rs 37,397 crore in the same period last year.
The buoyancy in farm trade can be seen in major commodity groups which have recorded positive export growth during the first half of this fiscal as compared to last year. Export of groundnut grew by 25%, refined sugar by 104%, wheat by 206%, basmati and non-basmati rice by 13% and 105% respectively, etc, the Union Agriculture Ministry revealed on Saturday.
Furthermore, the balance of trade during April-September this year has been significantly positive at Rs 9,002 crore as against the trade deficit of Rs 2,133 during the same period in 2019. On a month to month basis (MoM), India’s export of agricultural commodities in September jumped 81.7% to Rs 9,296 crore from last year's Rs 5,114 crore.
Plentiful rainfall this year has raised expectations for a good harvest season that will help lift rural incomes and support an economy ailing under the pandemic-related troubles. The Centre has already started procurement of Kharif crops.
In 2018, the Central government announced its agriculture export policy which provides for a cluster-based approach for export-centric farming of cash crops like fruits, vegetables, spices, etc. whereby clusters for specific agri products are identified across the country and focused interventions are carried out in these clusters.
Eight Export Promotion Forums have been set up to boost the export of agriculture/horticulture products. The EPFs are created on banana, grapes, mango, pomegranate, onion, dairy, basmati and non-basmati rice. The government says these forums are making concerted efforts to identify, document particulars of, and reach out to stakeholders across the entire production/supply chain of export for increasing these exports significantly to the global market, through various interventions.
In July, the government approved an agriculture infrastructure fund of Rs 1 lakh crore for investment in viable projects for post-harvest management infrastructure and community farming assets through interest subvention and financial support.
(PTI Photo)
Updated 21:41 IST, October 10th 2020