"Agricultural products of India such as essential oils, Rice and spices has seen a jump in demand which has triggered export for domestic traders. To stimulate rise in demand a supportive domestic ecosystem will be set up by a policy which will act as an additional force". Says Mohit Singla, Chairman of the Promotion Council of India (TPCI).
Singla said that, India's food and Agri products has noticed during the pandemic a continuous explosion in demand. There is an outpouring demand for Indian vegetables, spices and rice, including soybean meal, essential oils and some extracts for medical use. He also stated that, “Endorsing a domestic ecosystem produced by a strategy push, India's Agri and food products will acquire demand globally. With WTO's latest speculation there is a rebound in Global trade. The year till date performance in trade was pretentious due to the alleviation of the lockdown in the months of June and July and acceleration in the financial activities".
Reserve Bank of India governor Shaktikanta Das said that the believes that some of the key areas will determine stability and step up India's growth in the medium term are exports which is leading to India's role in the global value chain; food processing associated productivity areas. Since the food processing sector is an emerging industry, with the consumers rise in per capita income, consumption perception change and urbanization fueling this key aspect.
Terming the food processing sector as a sunrise industry, Das said its importance in consumer basket has increased over time, led by rise in per capita income, urbanization and the change in consumer perceptions in terms of quality and safety, said Das in a press conference. For the past few months rice and spice export were valued at USD 34 million and USD 24 million; exports of soybean meal, vegetable juices and extracts for medical use and essential oils were valued at USD 21 million, 24 million and USD 23 million respectively.