Cabinet approves agri export policy to double shipments to $60 bn by 2022

The Union Cabinet on Thursday approved an agriculture export policy with an aim to double the shipments to $60 billion by 2022.

It is aimed at boosting exports of agriculture commodities such as tea, coffee and rice and increase the country's share in global agri-trade, Commerce Minister Suresh Prabhu said.

"The policy aims at doubling agricultural shipments to over $60 billion by 2022," he said while briefing media about the decision of the Union Cabinet.

The policy would focus on all aspects of agricultural exports including modernising infrastructure, standardisation of products, streamlining regulations, curtailing knee-jerk decisions, and focusing on research and development activities.

It will also seek to remove all kinds of export restrictions on organic products, the minister added.

According to an official, the implementation of the policy will have an estimated financial implication of over Rs 1,400 crore.