Piyush Goyal urges spice industry to explore new markets to reach $10 billion exports by 2030
Piyush Goyal said on Saturday. «Currently our total exports of spices is at USD 4 billion.
Rather than exporting spice in the raw form only, we should look for value-added products as we go forward. We should start building up more markets by exploring new markets and strengthening the existing ones.
We should look at creating factories for value-added products to reach USD 10 billion exports by 2030 for the spices sector,» Goyal said addressing the World Spice Congress 2023.
Citing an example, the minister said, during Covid-19 pandemic, the demand for turmeric grew tremendously because of its medicinal properties and in terms of exports it has the potential to reach USD 2 billion.
«If we focus all our energy on tumeric by developing value-added products, turmeric exports alone have the potential to touch USD 2 billion,» he added.
The minister also suggested creating 'Bharat' as a brand or a certification representing high quality and premium spices products. «Let's create a 'Bharat' brand or some certification that can help in associating high quality spices products to the country.
Don't export any sub-standard products that can harm the image of the country. The industry should focus on innovation, productivity, sustainability and exclusivity and market spices as a premium product when it goes to the world market,» Goyal said.
Further, Goyal said that over 35 million (or 3.5 crore) people of Indian origin are living overseas, who can themselves add a lot of value to the spice business.
«Indian diaspora living overseas can help in expanding the spice consumption to others communities.
