Business

Indian spice industry wins laurels at U.S. show

KOCHI: There was good response to the Indian spice industry’s initiatives and the United States spice industry has recognised India as the most reliable supply source for quality spices.

This was the general feeling at the American Spice Trade Association annual convention and trade show at Orlnado, Florida, last month, according to official sources here.

The show once again brought out the fact that the U.S. is one of the most important trade partners of India, both in volume and value terms. The country’s rapid strides in processing, technology and quality of spices had won laurels at the show, said a communication from the Kochi-based Spices Board. The increased confidence in the quality capabilities of the Indian spice industry was very much visible at the U.S. show.

The convention also highlighted the major trends and the changes that are impacting the spice industry, the need for the industry to be proactive and how to fine-tune the product offerings in line with these changes.

S. Kannan, director (marketing) of the Spices Board, who attended the conference, detailed the growth achieved by the spice industry in India.

The spice exports from India has registered unprecedented growth crossing $ 1 billion mark for the first time and exports to the U.S. has shown consistent growth.

He highlighted the technological prowess that the country has attained, the increasing quality capabilities and the rapid strides in processing and value-addition. The country was promoted as an investment destination, as procedural hassles were things of the past. Foreign investment is permitted and the forthcoming Spices Parks offer a good investment opportunity for setting up units either as joint venture or with 100 per cent foreign direct investment.

The investors can repatriate profit under the liberalised regime. Mr. Kannan said these points evoked good response from the industry at the convention.

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