Exports of agricultural products from India will more than double to top Rs 1 lakh crore (Rs 1 trillion or $20 billion) in the next five years, says an official export promotion agency of the commerce ministry.
According to estimates by the Agricultural and Processed Food Products Export Development Authority (Apeda), the share of India's farm product exports in the global trade will also grow from 2 per cent now to over 5 per cent.
"It is very important to increase our exports to the developed countries," Apeda director S Dave told a business meet organised by the Associated Chambers of Commerce and Industry in New Delhi.
Exports of fresh and processed vegetables, fruits, livestock and cereals grew 24 per cent in rupee terms to Rs 39,000 crore in 2008-09. In dollar terms, such exports rose 10 per cent to $8.67 billion.
"Consumption patterns are fast changing in the international market. There is an emergence of specific products like functional foods, convenience foods, dietary products and organic products," Dave said.
"India has made considerable progress in ready-to-eat food and organic products but more effort is needed to add value."