In the latest update, the Indian government has recently launched a National Turmeric Board. This big step has been quite enthusiastically announced by the Union Government as India is looking forward to further boosting its global position as a turmeric exporter. This significant step also highlights the fantastic vision of crossing the figure of $1 billion by 2023.
The news was widely covered by media outlets when Mr Piyush Goyal, Union Minister for Commerce and Industry, was seen inaugurating the Board’s office in Nizamabad, Telangana. This major step and development by the Indian government has pushed a wave of excitement for new business opportunities both for cultivators and turmeric exporters.
It is important to note that Turmeric has a very special position in the overall India's agricultural economy and country's GDP. India proudly holds a global market leader position and flawlessly produces more than 70 to 80% of the world's turmeric. Thus, it is no surprise that 3.05 lakh hectares of lavish land is dedicated solely for its cultivation.
When talking about the most notable Indian states that cultivate turmeric, they primarily include Telangana, Maharashtra, Karnataka, and Tamil Nadu. In fact, you will be surprised to know that farmers here cultivate more than 30 varieties of this precious commodity that is widely used in the global b2b food market. However, despite India's esteemed position in the global market, this sector has recently witnessed many challenges which majority include irregular pricing, little global reach, and lack of value addition.
Therefore, keeping these different problems faced by the turmeric sector as a baseline, the National Turmeric Board focuses on addressing these gaps and inefficiencies that frequently come up as hurdles in the growth of this highly promising sector. This body will work with close association with the Spice Board of India and many other government agencies that are related to the agriculture sector.
Boosting Research and Innovation:
So, when it comes to the long-term benefits, this newly formed board will deeply focus on promoting extensive research and development to explore the new aspects of making turmeric-based products. This approach will also widely cover innovative and creative applications in the health, beauty and wellness sectors.
Improving Value Addition:
The value addition will also be the key in the primary objective of this board and it will ensure that both the farmers and turmeric exporters can explore the aspects of offering niche and premium products for the global b2b market. For instance, it includes making turmeric extracts, oils, and health supplements that are important for many industries in the global market.
Expanding Global Markets:
The Board will work towards helping exporters explore new markets and increase their export turnover. This will also include helping them keep compliance with international standards in terms of product quality.
Supporting Farmers:
This is one of the most important and beneficial aspects of the formation of this board. This program in total will also focus on providing skill development training to the cultivators that aim to enhance the farming techniques, improve yield and overall create a more transparent supply chain.
Promoting Quality Standards:
The board will also focus on enhancing the production quality. It will provide support in meeting the stringent quality standards needed in the global export market. This will help the cultivators and exporters get the higher prices for their products.
A dream to export $1 Billion
Again, India's superb export might is evident from the fact that it exported 1.7 lakh tonnes of turmeric in 2022-2023, which made it earn $207.45 million. Now that the new board has formed, the government is simply aiming to quintuple this number and will put efforts to enter the untapped markets. The most significant markets will include Bangladesh, UAE, USA, and Malaysia.
The Road Ahead
So, finally, the formation of the National Turmeric Board is not solely a policy decision, but rather its vision that promises a growing Indian turmeric sector and empowers cultivators and exporters to reach greater heights. This will be done by a combination of research, innovation, and strategies to reach global markets. Turmeric exporters must keep sharp and leverage the opportunities that come.