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Reasons to Start a Spice Business in India

Reasons to Start a Spice Business in India

India known as the “Land of Spices” is the world largest producer and exporter of spices. An estimated 5.8 million tonnes of spices were exported from India during the year 2012-13 with chilli and garlic being among the top exported spices. The United States of America and China were the top export markets for Indian spices in terms of value. Spices worth nearly Rs. 2115 crores and Rs.2019 crores was exported to USA and China, respectively during the year 2012-13. There still exists plenty of opportunity in the spice industry in India and the Spice Board of India has various scheme to promote Indian spices. In this article, we look at subsidies and schemes from the Spice Board for promoting Indian spices.

Spices Board of India

The Spices Board was constituted on 26th February 1987 under the Spices Board Act 1986.  Spices Board is one of the five Commodity Boards functioning under the Ministry of Commerce & Industry. It is an autonomous body responsible for the export promotion and production development of spices in India.

Subsidy for Sending Spices Samples Abroad

Registered spice exporters who have Spice House Certificate or Brand Registration with the Spice Board / Organic Certification are eligible for availing the subsidy for sending spices samples abroad to prospective foreign buyers. Eligible spice exporters can receive assistance of upto Rs.50,000 per year for sending spices samples to foreign buyers.

Subsidy for Printing Promotional Literature / Video / Brochures

Registered spice exporters who are having Spice House / Logo, Brand Registration with the Spice Board / Organic Certification are eligible for availing assistance under this scheme. Prior approval must be obtained from the Spice Board for availing benefit under this scheme.

Under this scheme, subsidy of upto 50% of the cost of the promotional material subject to a maximum of Rs.2 lakh per promotion material is provided to the spice exporter.

Reasons to Start a Spice Business in India

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