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ITC Group’s foreign exchange earning in FY’21 up 29% at Rs 5,934 Crore

Enterprise

oi-PTI

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Complete international change incomes of the ITC Group from exports in FY’21 rose 29.08 per cent to Rs 5,934 crore, the corporate’s newest annual report mentioned. Whereas, the international change earned by ITC Ltd was up 31.2 per cent to Rs 4,600 crore, primarily on account of exports of agri-commodities, it mentioned.

“In the course of the monetary 12 months 2020-21, your organization and its subsidiaries earned Rs 5,934 crore in international change,” the corporate mentioned of their report. In FY’20, the direct international change earned by ITC was Rs 3,506 crore and the entire incomes together with its subsidiaries was Rs 4,597 crore.

ITC Group's foreign exchange earning  in FY'21 up 29% at Rs 5,934 Crore

Whereas ITC’s expenditure in international forex amounted to Rs 1,664 crore for the 12 months ended March 31, 2021. This contains the acquisition of uncooked supplies, spares and different bills of Rs 1,366 crore and the import of capital items of Rs 298 crore. “Your organization continues to view international change earnings as a precedence,” the annual report mentioned.

International change earnings of the ITC Group over the past ten years aggregated almost USD 7.3 billion, of which agri exports constituted 56 per cent. “Earnings from agri exports, which successfully hyperlink small farmers with worldwide markets, are an indicator of your organization’s contribution to the agricultural economic system,” it added. The corporate senses an incredible potential within the export of agriculture merchandise.

“Nevertheless, India’s agri-exports aggregating roughly USD 42 billion characterize a worldwide market share of solely about 2.5 per cent,” it added. Knowledgeable research point out the potential to double India’s agri-exports by strengthening the competitiveness of agri-value chains in areas which can be aligned to international demand and the place the nation has inherent benefits.

“This requires a transformational shift of the agri ecosystem from the standard production-centric provide chains to demand-responsive worth chains anchored by market gamers,” it mentioned.

PTI

Story first printed: Sunday, July 18, 2021, 17:53 [IST]

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