India's agri export policy up for a revamp to tap emerging markets: Report

India, ranked the world’s eighth-largest agricultural exporter in 2023, saw its exports decline from $51.12 billion in FY23 to $48.77 billion in FY24.

The six-year-old Agricultural Export Policy (AEP) is set for a review against the backdrop of evolving global market dynamics and the need to diversify India's export basket, Mint reported.

The proposed revamp aims to enhance the competitiveness of Indian agricultural products, ensure compliance with global standards and promote value-added offerings. Additionally, the policy review will focus on strengthening trade ties with emerging markets while maintaining robust relationships with traditional partners, sources told Mint.

Moneycontrol could not independently verify the report.

"Our agricultural exports have been witnessing an increasing trend over the last five years. The policy needs to be reviewed to realign our export targets with changing market demands. The review process will begin in consultation with the agriculture ministry, and a timeline will be established," sources told the daily.

The world’s eighth-largest agricultural exporter saw its shipments decline from $51.12 billion in FY23 to $48.77 billion in FY24. Shifting global demand, evolving trade partnerships, and technological advancements in the farm sector have greatly influenced the export patterns and destinations over the recent years.

The review will assess the existing policy's performance and identify areas for improvement. Key focus areas include boosting processed food exports, exploring new markets, and tapping into the rising demand for organic products. Enhancing export infrastructure to meet revised targets will also be a priority, according to the Mint report.

India’s agricultural export portfolio is diverse, spanning products such as rice, wheat, vegetable oils, fresh fruits and vegetables, spices, cashew nuts, marine products, sugar, coffee, tea, dairy, poultry, and herbal items. The country’s top export destinations include the UAE, Singapore, the US, and emerging African markets like Tanzania, Angola, and Ghana.