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06 Apr

India’s Agriculture Exports Touch A Historic High Of USD 50 Billion, Highest Level Ever

Exports of agricultural products including marine and plantation products for the year 2021-22 have crossed USD 50 billion, the highest level ever achieved for agriculture exports.

As per the provisional figures released by DGCI&S, the agricultural exports have grown by 19.92% during 2021-22 to touch $50.21 billion. The growth rate is remarkable as it is over and above the growth of 17.66%, at $41.87 billion, achieved in 2020-21 and has been achieved in spite of unprecedented logistical challenges in the form of high freight rates, container shortages etc.

According to a statement by the Ministry of Commerce & Industry, highest ever exports have been achieved for staples like rice (USD 9.65 billion), wheat (USD 2.19 billion), sugar (USD (4.6 billion) and other cereals (USD 1.08 billion).

Wheat has recorded an unprecedented growth of more than 273%, jumping nearly four-fold from $568 million in 2020-21 to touch close to $2119 million in 2021-22. Increase in exports of these products has benefitted farmers in states like Punjab, Haryana, Uttar Pradesh, Bihar, West Bengal, Chhattisgarh, Madhya Pradesh, Telangana, Andhra Pradesh, Maharashtra etc.

India has captured nearly 50% of the world market for rice.

Export of marine products, at USD 7.71 billion, is also the highest ever, benefitting farmers in the coastal states of West Bengal, Andhra Pradesh, Odisha, Tamil Nadu, Kerala, Maharashtra and Gujarat. Spices exports has touched USD 4 billion for the second year in a row.

Despite facing tremendous supply side issues, coffee exports have crossed USD 1 billion for the first time, which has improved realisations for coffee growers in Karnataka, Kerala and Tamil Nadu.

“Outbreak of COVID-19 pandemic during first quarter of 2020 resulted in increased demand for staples, which provided an opportunity for increasing agriculture exports. Because of the institutional framework, already in place at State and district levels, and special efforts made to overcome the pandemic-induced bottlenecks, India was able to rise to the occasion and emerge as a reliable supplier of food. Even during the current crisis due to Russia–Ukraine war, the world is looking at India for supplies of wheat and other food grains,” read the statement.

 

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01 Apr

GST collections touches all-time high in March at Rs 1.42 lakh crore

The gross GST revenue collected in the month of March 2022 is Rs 1.42 lakh crore (1,42,095 crore). The gross GST collection in March 2022 is all time high breaching earlier record of Rs 1,40,986 crore collected in the month of January 2022.

According to a statement by the Ministry of Finance, the revenues for the month of March 2022 are 15% higher than the GST revenues in the same month last year and 46% higher than the GST revenues in March 2020.

During the month, revenues from import of goods was 25% higher and the revenues from the domestic transaction (including import of services) are 11% higher than the revenues from these sources during the same month last year.

Total number of e-way bills generated in the month of February 2022 is 6.91 crore as compared to 6.88 crore e-way bills generated in the month of January 2022 despite being a shorter month, which indicates recovery of business activity at faster pace, said the Ministry of Finance.

The average monthly gross GST collection for the last quarter of the FY 2021-22 has been ₹ 1.38 lakh crore against the average monthly collection of ₹ 1.10 lakh crore, ₹ 1.15 lakh crore and 1.30 lakh crore in the first, second and third quarters respectively.

Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST, the Ministry said.

The improvement in revenue has also been due to various rate rationalization measures undertaken by the Council to correct inverted duty structure.

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20 Mar

India’s maize exports reach an all-time high of $816.31 million

The export of maize has touched USD 816.31 million in the first ten months of current fiscal 2021-22 (April-January), already exceeding the USD 634.85 million achieved during the last financial year.

From an exports realization of USD 142.8 million in 2019-20, the export of maize increased nearly sixfold, taking the total value of shipment to USD 1593.73 million in the last three years despite logistical challenges posed by the COVID19 pandemic outbreak, according to a statement by Ministry of Commerce & Industry.

Neighbouring countries like Bangladesh and Nepal are the major importers of maize from India. Bangladesh has imported maize worth USD 345.5 million in the current fiscal (April-January), while Nepal has imported maize worth USD 132.16 million during this period.

Vietnam has emerged as a major destination for the export of maize. India exported maize worth USD 244.24 million to Vietnam in the first ten months of the current fiscal (April-January 2021-22). Other prominent importing countries are Malaysia, Myanmar, Sri Lanka, Bhutan, Taiwan, Oman, etc, the statement read.

Maize, which is globally known as the queen of cereals, has emerged as one of the significant foreign exchange-earners under the commodities covered under the Agricultural and Processed Food Products Export Development Authority (APEDA) ambit.

“The significant rise in agri-exports is seen as a testimony of the government’s commitment to increase farmers’ income through creating requisite infrastructure and improving value chains on boosting exports of agricultural and processed food products,” Dr. M. Angamuthu, Chairman, APEDA said.

Maize is the third most important cereal crop in India after rice and wheat. The cereal crop is primarily cultivated in the states of Karnataka, Madhya Pradesh, Kerala, Bihar, Tamil Nadu, Telangana, Maharashtra, and Andhra Pradesh.

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