Big decline in India’s agriculture exports, agriculture GDP also hit, know the reason

Agriculture: The agriculture gross domestic product (GDP) of the country also witnessed a significant decline. It grew by only 0.7 per cent in 2023-24 from 4.7 per cent in 2022-23. Along with this, agricultural exports have also witnessed a decline of at least nine percent. Let’s know the reason.

By Prabhat Khabar Digital Desk |

April 24, 2024 11:26 AM

Agriculture: On one side, all kinds of claims are being made about the boom in the Indian economy. However, the country is witnessing a decline in agricultural exports and agriculture GDP. It is being told that the country’s agricultural exports decreased by 8.8 percent to 43.7 billion dollars during April-February in the financial year 2023-24. The main reasons for this are the Red Sea crisis, the Russia-Ukraine war and domestic sanctions imposed on important commodities like rice, wheat, sugar and onions. According to Commerce Ministry data, agricultural exports stood at $47.9 billion in the April-February period of the financial year 2022-23.

What is the effect on GDP?

Country’s Agricultural Gross Domestic Product (GDP) also showed a significant decline. It grew by only 0.7 per cent in 2023-24 from 4.7 per cent in 2022-23. The data also revealed that exports of 719 scheduled agricultural products in the APEDA (Agriculture and Processed Food Products Export Development Authority) ‘basket’ declined by 6.85 percent to $22.4 billion during the 11 months of the last financial year. While in April-February 2022-23 it was 24 billion dollars. An official said that export bans and restrictions on commodities like rice, wheat, sugar and onion affected about five to six billion dollars worth of agricultural exports in the last financial year. However, 17 out of 24 major commodities have seen positive growth during this period. It includes fresh fruits, buffalo meat, processed vegetables, basmati rice and bananas.

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Export of basmati rice increased

Basmati rice exports in value terms increased by 22 per cent to $5.2 billion in April-February 2023-24. It was $4.2 billion in April-February 2022-23. The official also said that the Israel-Iran war has not had any direct impact on exports as it is an emerging situation, but we are monitoring the situation. There is no big shock at the moment. The world has imported alcohol products worth 113.66 billion dollars in 2022. India’s exports to be $180 million in 2022. India currently ranks 40th in global exports of alcoholic beverages.
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