India's appetite for pulses has seen an unprecedented surge, with imports nearly doubling in the 2023-24 fiscal year, according to recent data reported by the Economic Times. This dramatic increase highlights a significant shift in the global agricultural markets and presents new opportunities and challenges for producers and exporters worldwide.
Driven by both a shortfall in domestic production and a growing consumer base that relies heavily on pulses for their dietary needs, pulses imports have nearly doubled in the last year. As a staple in the Indian diet, pulses are crucial for providing essential proteins and nutrients. The increase in imports underscores a significant gap between domestic production and consumption, a trend expected to persist as the country's demand continues to rise.
India's pulses imports in fiscal 2024 surged 84% year-on-year to their highest level in six years after lower production prompted India to allow duty-free imports of red lentils and yellow peas,
Higher imports by India, the world's biggest importer, producer and consumer of protein-rich pulses, have been supporting global prices and helping bring down stocks in exporting countries such as Canada, Australia, and Myanmar. With strong origination capabilities globally, we remain an active participant in the pulses trade.