Analyzing Production, Productivity, and Export Performance of Key Spices in India

  • P Vinothini Ph. D. Research Scholar, Department of Economics, School of Economics, Madurai Kamaraj University, Madurai, Tamil Nadu, India
  • V Suthacini Assistant Professor & Head, Department of Economics, School of Economics, Madurai Kamaraj University, Madurai, Tamil Nadu, India
Keywords: Spice Cultivation, Output, Efficiency, Export Success

Abstract

To bolster economic growth in agriculture, there must be a concerted effort to increase production and achieve a balance in trade through exports and imports. India, in its global competition, excels in exporting significant spices and select horticultural products, thereby driving economic growth, aided by various governmental initiatives aimed at supporting farmers. This study aims to analyze the Growth Rate and Instability in Area, Production, and Productivity of major spices, as well as examine the export trends of these spices from India over a decade, from 2010 to 2020.Utilizing statistical tools such as Compound Annual Growth Rate Analysis (CAGR) and Instability Rate (IR), the study evaluates secondary data sourced from the Spice Board of India’s annual reports spanning the years 2010-2011 to 2019-2020. The analysis provides insights into the compound annual growth rate and instability concerning the selected spices in terms of area, production, productivity, and export performance. Key findings shed light on India’s position in the global spice market and reveal the trajectory of spice growth compared to the preceding decade (2001-2010). A critical concern for sustaining export market viability lies in enhancing productivity while maintaining product quality. Recommendations include cultivating high-quality products, stringent quality control measures, staying abreast of global market trends, implementing adequate storage protocols, ensuring proper harvesting practices, and maintaining environmental and personal hygiene. Furthermore, the study suggests introducing agricultural schemes to support spice cultivation, thereby boosting production, productivity, and ultimately impacting the Indian economy positively. These efforts aim to foster sustainable growth and competitiveness in the global spice market while ensuring the prosperity of Indian farmers and the agricultural sector.

Published
2024-03-01
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How to Cite
Vinothini, P., & Suthacini, V. (2024). Analyzing Production, Productivity, and Export Performance of Key Spices in India. Shanlax International Journal of Economics, 12(2), 56-61. https://doi.org/10.34293/economics.v12i2.7210
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Articles