HIGHLIGHTS:
• The Spice Exchange Portal was just launched by the Spice Board of India.
• The Union Ministry of Commerce and Industry launched the platform.
• The platform will serve as a connecting point for Indian spice exporters and buyers from around the world.
What is in the News?
The Spice Exchange Portal was just launched by the Spice Board of India. The platform will serve as a connecting point for Indian spice exporters and buyers from around the world. This is the country’s first platform of its kind. The Union Ministry of Commerce and Industry launched the platform. Artificial Intelligence is used to connect buyers and vendors on the platform. It will contribute to the government’s efforts to boost spice exports. It will make conducting business in the country much easier.
India’s spice trade
Spices account about 41% of overall horticulture exports. Spices are the fourth most important agricultural product in India. Marine items, non-basmati rice, and basmati rice take the first three spots.
India’s spice industry
India is the world’s largest spice producer, user, and exporter. In India, one to two spices are grown in each state. This is due to India’s wide range of weather conditions. On the national and international markets, several spices have the highest value. Saffron from Kashmir, for example. It recently obtained a GI tag.
Board of Spices
The Spices Board Act of 1986 established the spice board. The Ministry of Commerce and Industry oversees the board.
Spices harvested in India
Spices from India are used for a variety of applications, including medicinal, colours, seasoning, and food preservatives. Roots, barks, leaves, seeds, and other components of the plants are used to make spices. Indian spices such as turmeric, cumin, and ginger have recently seen an increase in exports because to their medical properties, particularly since the introduction of COVID.
Their prices are primarily rising in Europe and the United States. During COVID times, for example, the Indian “Rasam” dish acquired popularity due to its therapeutic benefits. Since ancient times, Indian spices have dominated global markets.
