“In fiscal year 2020-21, your company and its subsidiaries earned Rs 5,934 crore in foreign currency,” the company said in its report.
In FY’20, the direct foreign exchange earned by ITC was Rs 3,506 crore and the total income including its subsidiaries was Rs 4,597 crore.
While ITC’s expenditure in foreign currency amounted to Rs 1,664 crore for the fiscal year ended March 31, 2021.
This includes the purchase of raw materials, spare parts and other expenses of Rs 1,366 crore and the import of capital goods of Rs 298 crore.
“Your business continues to view currency gains as a priority,” the annual report says.
ITC Group’s foreign exchange earnings over the past ten years have totaled nearly US $ 7.3 billion, of which 56 percent is agricultural exports.
“Income from agricultural exports, which effectively connect small farmers to international markets, is an indicator of your company’s contribution to the rural economy,” he added.
The company sees great potential in the export of agricultural products.
“However, India’s agricultural exports, which total around $ 42 billion, represent a world market share of only around 2.5%,” he added.
Expert studies indicate the potential to double India’s agricultural exports by strengthening the competitiveness of agricultural value chains in areas aligned with global demand and where the country has inherent advantages.
“This requires a transformational shift in the agricultural ecosystem from conventional production-centric supply chains to demand-responsive value chains anchored by market players,” he said.