The government has increased the minimum import price (MIP) of broken cashew kernels by nearly 138 per cent and by 280 per cent for whole kernels.
According to a notification issued by the Directorate General of Foreign Trade (DGFT), import price of broken cashews has been increased to Rs 680 per kg from Rs 288 per kg. Similarly, for whole cashews, the price has been hiked to Rs 720 per kg from Rs 400 per kg.
The government’s decision to hike the MIP is expected to revive the domestic cashew processing sector and thereby bring in more job opportunities.
India currently produces around 3.5 lakh tonnes of cashew kernels. The production and import of raw cashew is around 8 lakh tonnes and 9 lakh tonnes, respectively. The country exported 84,352 tonnes of cashew kernels in 2017-18 as against 82,302 tonne during the previous year. In value terms, exports went up almost 18% to $911 million in 2017-18.