'Govt can get Rs 25K cr by export of 17MT wheat lying in open'
The government could garner over Rs 25,000 crore by just exporting 17 million tonnes of wheat that are lying in open storage facilities of FCI, an Assocham study said.
New Delhi: The government could garner over Rs 25,000 crore by just exporting 17 million tonnes of wheat that are lying in open storage facilities of FCI, an Assocham study said.
The industry chamber also suggested the government to keep an ambitious agri-export target of USD 50 billion for this fiscal as this will help control current account deficit.
"The Food Corporation of India (FCI) can earn over Rs 25,000 crore through exports of about 17 million tonnes (mt) wheat lying in its open warehouses across various states," Assocham said in a statement.
The study "Agri-exports: High potential and action agenda" has strongly advocated a long-term agricultural exports promotion policy as farm exports have the potential to be the second most significant foreign exchange earner after software and services exports.
Targeted export levels are imperative for raising the economic growth and narrow down the rising current account deficit, it added.
"The government should set a USD 50 billion target for agricultural exports for the 2013-14 fiscal which should subsequently be raised to about USD 70 billion in 2017 which will help in reducing the rising CAD," Assocham President Rajkumar Dhoot said.
Higher farm exports would promote crop diversity, drive productivity of crops and encourage farmers grow specific crops to meet global demand, he said.
As per official data, the country had exported USD 33.54 billion worth agriculture and allied products in 2012-13.
As there is huge scope for raise farm output in eastern states, there is need for greater investment for implementing modern and new farm practices.