Spice Business in India: Emerging Sector in Recent Time

The spice business in India holds great scope for aspiring small-scale entrepreneurs. Covid-19 is proving to have a far-reaching impact on the global economy. The emergence of this outbreak has resulted in an irreparable loss of jobs, shutdowns of business, unemployment, poverty, etc. While Government has been at the forefront in converting the time of crisis into opportunities by providing certain reliefs and exemptions under Aatmnirbhar Bharat Scheme, it aims to make self-sufficient Nation while laying minimum dependence on imported goods. The schemes and packages precisely go waste without any implementing body for the same. Aatmnirbhar Sena is consistently heading towards making a progressive growth and supporting its vulnerable class in reaching a new height of economic spheres. We can be referred to as the right hand of the Aatmnirbhar Bharat Scheme.

Since time immemorial, small scale industries and cottage industries have played a vital role in increasing our country’s economy. These industries are essential to a country like India committed to a socialistic system of our country. It indeed is a vital and dynamic sector of the Indian Economy. From various ages, one such emerging industry that has always been crucial for India’s external trade is –“Spice business.”

Spice Business in India

We Indians are crazy about the variety of spices around us. Spice is a fundamental component of every household and food industry. Our day to day lifestyles, as well as certain important occasions, are influenced by spices. Due to its massive consumption, the market is growing with 40000 crore annually. When we get in terms with so much potential in the spice business with better returns and being cost and time effective, the idea of doing a spice business can naturally pop up.

Indian Spice markets are expected to reach approximately USD 18 billion by 2020. India, the largest spice producing country, gives the ray of hope to the vulnerable section of society willing to run the spice business in India since it shall always remain in light due to its high demand. Spice production and its business ensure profits with low investment, thereby making it a win-win situation for the Spice business owner, as India can approximately produce 50 varieties of spices, making it the largest producer across the world.

However, the process of producing spices is a bit complex and involves various stages and steps to reach the final point. We as an organization must promote the advantages of taking up spice business in India and with this should strive hard to bring the budding entrepreneur in terms with the process of production of spices in India and several other requirements such as:

Financial aid in the process throughout.
Equip them with proper licenses required to carry on with the business of spice.
Equip them with appropriate raw materials for its production and packaging and grinding machinery to ensure the production of spices.
Conduct skilled workshops and mentorship programs to acquaint them with manufacturing processes such as cleaning, drying, roasting, grinding, grading, sieving, and packaging.
Conduct workshops to guide them towards other requirements in carrying out spice business in India.

There is a lot of scope of carrying out spice business in India as the demand of the same will never flatten or come down, taking into consideration the favorable weather, land for the production of spices in India. There is always a reason why India is known as the ‘Land of Spices.’