Spice Xchange India Portal

The Spice Board of India recently launched the Spice Exchange Portal. The portal will act as a meeting point between the Indian spice exporters and the buyers all over the world. This platform is first of its kind in the country. The platform was launched by the Union Ministry of Commerce and Industry. The portal uses Artificial Intelligence to connect the buyers and sellers. It will add value to government efforts of increasing spice exports. It will increase the ease of doing business in the country.

Spices trade in India

Spices contribute 41 percentage of total horticultural exports. Spices rank fourth in Indian agricultural commodities. The first three ranks are held by marine products, non basmati rice and basmati rice.

Spice production in India

India is the largest producer, consumer and exporter of spices in the world. All the states in India grow one to two spices. This is mainly because of India’s diverse climatic conditions. Certain spices have highest value in national and international market. For example, Kashmiri Saffron. It received GI tag recently.

Spices Board

The spice board was established under the Spices Board Act, 1986. The board operates under the Ministry of Commerce and Industry.

Spices grown in India

The Indian spices are used for varied purposes such as medicines, dyes, seasoning and food preservatives. The spices are obtained from roots, barks, leaves, seeds and also from other parts of the plants. The exports of Indian spices such as turmeric, cumin, ginger have been growing recently for their medicinal values, especially after COVID. Their values are mainly increasing in European and American countries. For instance, the Indian “Rasam” recipe gained popularity for its medicinal value during COVID times.  Indian spices have been leading the world markets since ancient times.

Why was the portal launched?

India is called the Spice Bowl of the World. India has a major share in the world spice Market. India currently exports more than 225 spices to 180 different countries. The platform will aid in increasing the spice business of the country. It will create new opportunities for the spice exporters.

Month: Current Affairs - January, 2022

Category: Economy & Banking Current Affairs