Also, increasing private sector participation in agriculture, organic farming and usage of latest scientific technology are the trends that are being witnessed by the agriculture industry.India is the biggest producer of pulses in the world at 19 MT and their biggest importer 3.5 MT.
India is the second largest producer of sugar in the world and the government has aimed to increase the exports. Spice exports from India are expected to reach US$ 3 billion by 2016-17. The Indian spices market is pegged at Rs 40,000 crore (US$ 6.42 billion) annually, of which the branded segment accounts for 15 per cent.
In 2013-14 India achieved a record food grain production of 264 MT, beating the previous year's (2012-13) 257 MT, according to the data provided by Department of Economics and Statistics (DES). Also, agricultural profitability has increased over the last decade with record increases in MSPs (minimum support prices) for agricultural produce for all covered crops.
At 157.35 million hectares, India has the second largest agricultural land in the world. Rice and wheat production in the country stood at 106.90 MT and 95.60 MT, respectively for the year 2014. Gross domestic product (GDP) of agriculture and allied sectors in India was recorded at US$156.1 billion in FY14. According to the advanced estimates of Central Statistical Organization, agriculture and allied sector recorded a growth of 3.6 per cent in FY14.