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What is the scope of spice industry in India?

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What is the scope of spice industry in India?

The Indian spice sector has registered the rise by 26 percent in terms of dollar value. The total area under spices in India is 2.3 million hectares and the annual production of spices in our country is around 27 lakh tones, valued approximately at Rs. 13000 crore.

Which spice is profitable in India?

Turmeric 1,16,500 tons of turmeric was exported in the financial year 2016-17 in India, which was worth Rs. 1,24,189 lakhs. Some of the top exporters of this spice are the US, Malaysia, and the UAE. Turmeric has a good business in India as well as it is one of the most commonly used spices in India.

What is the scope of spices?

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Both spices and condiments contain essential oils which provide the flavor and taste. They are of little nutritive value. They are used whole, ground, paste, or liquid form, mainly for flavoring and seasoning of food. Most spices increase the shelf life of food, especially the dry varieties.

How can I sell spices in India?

Registration & License for Spice Business in India

  1. GST registration helps you in getting your business recognized as a and also opens a number of opportunities for your business.
  2. Register your business with Udyam registration/ MSME Registration, it will help you to get the facility and subsidy from the state government.

Is spice trade profitable?

From the supply chain perspective, the spice trade was indeed lucrative. The supply of spices from one continent to another was tedious and expensive especially during the initial stages of the spice trade as no direct trade routes were discovered and often traders had to rely on middlemen who profited enormously.

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How do I become a spice exporter?

Documents Required to Start a Spice Export Business in India

  1. Incorporation Certificate for the business from the Registrar of Companies.
  2. Import Export Code from the Director-General of Foreign Trade.
  3. Registration cum Membership Certificate from the Spice Board.
  4. Goods and Service Tax registration for tax purposes.

Which state is rich in spices in India?

With an estimated production volume of over three million metric tons, the state of Madhya Pradesh was the largest producer of spices across India in 2021. Rajasthan and Gujarat were the other major producers that year.

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