New Commodity Boards for Turmeric and Makhana
The Indian government has announced the establishment of two new commodity boards for turmeric and makhana, increasing the total number of such boards to seven. These boards are aimed at promoting these commodities both domestically and internationally.
Existing Commodity Boards
- Previously, India had five commodity boards focusing on coffee, tea, rubber, tobacco, and spices.
- These boards are statutory and autonomous, focusing on production, processing, marketing, and export.
- They provide technical and financial support to stakeholders and participate in trade fairs and other activities.
Turmeric Board
- The value of turmeric exports could reach $1 billion by 2030, a significant increase from $226.5 million in 2023-24.
- India is the leading producer, consumer, and exporter of turmeric, holding 70% of global production and 62% of international trade.
- Turmeric is a perennial plant from the ginger family, valued for its color, taste, and therapeutic properties.
- Challenges include competition from countries like Fiji and Germany, and quality issues due to low curcumin content in most Indian varieties.
Makhana Board
- The global market for makhana is small but rapidly growing, valued at approximately $125 million.
- Makhana is valued for its health benefits, including being rich in B vitamins, protein, and fiber.
- Around 90% of India's makhana is produced in Bihar, yet producers face challenges due to lack of processing facilities.
Future Challenges and Opportunities
- The Turmeric and Makhana boards must focus on improving production technology, value addition, and quality enhancements.
- Success will depend on the boards' ability to address competition and improve export capabilities.