IANS

New Delhi, Sep 9: Exports of agricultural products from India will more than double to top Rs.1 lakh crore (Rs.1 trillion or $20 billion) in the next five years, says an official export promotion agency of the commerce ministry.

According to estimates by the Agricultural and Processed Food Products Export Development Authority (Apeda), the share of India's farm product exports in the global trade will also grow from 2 percent now to over 5 percent.

"It is very important to increase our exports to the developed countries," Apeda director S. Dave told a business meet organised by the Associated Chambers of Commerce and Industry here.

Exports of fresh and processed vegetables, fruits, livestock and cereals grew 24 percent in rupee terms to Rs.39,000 crore in 2008-09. In dollar terms, such exports rose 10 percent to $8.67 billion.

"Consumption patterns are fast changing in the international market. There is an emergence of specific products like functional foods, convenience foods, dietary products and organic products," Dave said.

"India has made considerable progress in ready-to-eat food and organic products but more effort is needed to add value."