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FAS New Delhi projects India’s organic agriculture sector to be valued at $2.5 billion for the 2023/24 Marketing Year (MY). According to various sources, the domestic consumption of organic foods is trending upwards as the Indian consumer focus on health and wellness continues.

On December 7, 2023, India's Ministry of Finance issued Custom Notification No. 64/2023, exempting imports of yellow peas (harmonized tariff system [HS] code 0713.1010) from customs duties and the Agriculture Infrastructure and Development CESS (AIDC) effective December 8, 2023, through March 31, 2024.

The Indian market remains a bright spot, as its economic growth continues in 2023. India is one of the fastest-growing major economies in the world despite the volatile geopolitical and economic conditions, India is on an upward trajectory.

In a first of its kind, FAS New Delhi (Post) coordinated an Indian Buyers Mission to this year’s biennial ANUGA Food Fair 2023 (ANUGA) trade show (October 7-11, 2023, Cologne, Germany).

On November 28, 2023, the Ministry of Health and Family Welfare/Food Safety and Standards Authority of India (FSSAI) published Order F. No: TIC-B02/3/2023-IMPORTS-FSSAI. This FSSAI order allows for the rectification of all non-compliant labels on imported food consignments at the port-of-entry.

Planting of India’s rabi season (i.e., winter sown, spring harvested) crops is progressing somewhat slower than anticipated due to relatively dry soil moisture conditions.

India remains undecided on genetically engineered (GE) crops and products derived from biotechnology (biotech) for food and feed use.

FAS New Delhi’s forecast for India’s soybean oilseed production for marketing year (MY) 2023/24 is revised to 12 million metric tons (MMT), slightly lower than the MY 2022/23 at 12.4 MMT which accounts for the impact of the El Nino weather pattern.