The Indian Union Minister of Commerce and Trade Mr. Piyush Goyal requested spice exporters of India to explore new potential markets and increase spice exports to $10 billion by 2030. Currently, India is exporting nearly $4 billion worth of spices.
Union Minister Mr. Piyush Goyal highlighted the potential of value addition in spice products as a key strategy for achieving this export target. Rather than exporting spices only in their raw form, he suggested the industry should invest in creating factories for value-added products.
He pointed to the example of turmeric, which saw surging demand during the COVID-19 pandemic due to its medicinal properties. He added, “We should be focusing on developing value-added turmeric products, which could alone contribute $2 billion to the export earnings”. Spice exporters should also focus on enhancing the industry's reputation and quality standards, Mr. Piyush Goyal proposed the creation of a 'Bharat' brand or certification, symbolising high-quality and premium spice products.
This measure would prevent the export of sub-standard products that might tarnish the country's image on the global stage. He urged the industry to prioritise innovation, productivity, sustainability, and exclusivity to position spices as premium products in international markets.
Additionally, the Union Minister recognised the potential of the Indian diaspora, with over 35 million people of Indian origin living overseas, to boost spice consumption worldwide. These individuals could serve as potential consumers, promoting Indian spices and helping the industry expand its global market share.
Other Statements
During his address, He congratulated the Spices Board for organising the Spice Congress after a break of seven years. He also requested the board to host a world-class exposition, gathering, and conference for the spice industry in Delhi in 2024. This event would aim to attract international competitors, buyers, and players, thereby showcasing the spice industry's capabilities and capturing the world's attention.
He also highlighted the rich cultural heritage represented by spices, He emphasised the industry's role in inviting global competition and buyers to the 2024 edition of the World Spice Congress and transforming it into an annual event. Union Minister Mr. Piyush Goyal concluded by emphasising that now is the time for the Indian spice industry to make the extra effort to capture the global market.
As the world's largest producer and consumer of spices, India has a diverse array of offerings, including saffron from Kashmir, Kerala's unparalleled black pepper, Gujarat's ginger, and Nagaland's chilli. The industry should work collectively to establish India as the preferred source of high-quality spices worldwide.
The Bottom Line
In conclusion, the Indian Union Minister of Commerce & Trade Mr. Piyush Goyal's vision for the Indian spice industry involves not only enhancing exports but also building a global reputation for quality, innovation, and sustainability. With concerted efforts and value addition, the industry aims to reach the $10 billion export milestone by 2030.
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