It is not just in the information technology sector alone that India has emerged as a global leader of innovation, entreprenuership and example. India is today the largest producer of a variety of commodities, prompting global analysts to predict that the country's commodity futures market will be ten times bigger than the stock market.
Experts say the presence of varied agro-climatic conditions along with favourable conditions for cultivation has helped India to become the world's largest producer across a range of commodities.
The government has already approved 60 agriculture export zones. In addition, it has identified four zones -- in West Bengal, Assam, Andhra Pradesh and Sikkim -- for which it will provide funds of $12.1 million under a scheme called Assistance to States for Infrastructure Development of Exports.
According to a study by the Ministry of Food Processing, India's exports in agricultural and food products constitute about 1.6 per cent of total global trade. 'Vision 2015', adopted by the Government for the food processing sector, envisages India's potential to achieve 3 per cent share in world trade of agricultural and food products.
Look at some facts on commodities production, consumption and trading in India:
- India is the largest producer of coconuts, mango, banana, milk, dairy products, cashew nuts, ginger, turmeric and black pepper.
- It is the second largest producer of rice, wheat, groundnuts, sugar, fruits and vegetables.
- Cotton exports from India have jumped nearly 25 per cent in 2006-07 to 4.7 million bales. India's cotton production has almost doubled in the past five years.
- India's exports of marine products rose 12 per cent to attain US$1.85 billion in 2006-07, with China emerging as a major destination.
- Indian mangoes were exported to US for the first time after a gap of 18 years in 2007. This is the second success story in a row for the King of Fruits after Japan allowed its entry last year after 20 years.
- Exports of coir products touched an all-time high of 165,097 tonnes valued at US$ 147.1 million for 2006-07. While exports rose 21.37 per cent in quantity terms, it rose by 17.07 per cent in value terms.
- Indian sugar exports are expected to more than double in 2007-08. Exports in 2006-07 amounted to 1.1 million tonnes and were expected to reach 1.5 million tonnes for the year by September 30.
The government plans to build up food grain stocks abroad to bolster food security. The idea is to use the country's bulging foreign exchange reserves to add to the buffer stock of grain currently held within the country.
The ministry of agriculture has initiated a proposal to open up the agriculture sector to foreign direct investment, thereby allowing overseas companies like Pepsi and Cargill to directly undertake and invest in farming.
