India Export: To control the ongoing rise in the prices of wheat, rice and sugar in the domestic market, the Indian government has banned the export of these food items. But this decision of the government may have an impact on India's exports. Due to this decision of the government, there may be a shortfall of 4 to 5 billion dollars in exports during the financial year 2023-24. Apart from this, due to the attack by Iran-supported Houthi rebels in the Red Sea, exports are also likely to be affected.
Due to uneven rainfall in the domestic market, production of wheat, rice and sugarcane has been affected. Due to which flour, rice and sugar have become expensive in the domestic market.
Despite the ban on export of these major agricultural products, India's agricultural exports can reach last year's level of $ 53 billion in the current financial year. In the last financial year 2022-23, the country's export of agricultural products was 53 billion dollars. Rajesh Aggarwal told reporters here, ‘‘Despite imposing restrictions on the export of some commodities, we hope that we will reach the previous level. He said the government is promoting exports to take new products like bananas and value-added products made from millets to new global destinations. Banana exports are expected to reach one billion dollars in the next three years. The growth rate of exports of fruits and vegetables, pulses, meat, dairy and poultry products has been good during April to November. However, rice exports have declined by 7.65 percent to $6.5 billion. The attack on ships by Iran-backed Houthi rebels in the Red Sea has increased the concern of the Indian government. This attack may have an impact on exports to Africa. The Indian government is considering alternative routes for exports to Africa. However, due to this, the prices of exported goods may rise by 15 to 20 percent. Read this also Rice Price Hike: No relief from inflation! Rice price reaches 15 year high due to shortage in supply Get more latest business news updates