THE Indian Spices Board has set its sights on substantially boosting the country's exports of value-added spices. The board hopes that over the next five years 75 to 80% of the total export revenue target of $3bn will come from such products. Speaking on the sidelines of the 11th World Spice Congress in Pune, A Jayathilak, chairman of the Spices Board, said that currently in volume terms, around 10% of India's total spice production was exported. The revenue during the current fiscal year from exports was expected to be around $1.5bn, nearly half of which will come from value-added products, he said. "We want India to be a hub for value-addition," he said, explaining that this will constitute developing products such as spice oils, pepper sprays and market resins. "Over the next five years, our aim is to double (current export) revenue to $3bn and increase the proportion through value addition to 75 to 80%," Dr Jayathilak said. India is the biggest producer, consumer and exporter of spices worldwide, accounting for 48% of global exports by volume and 43% in terms of value... Read More