Spices worth ₹18,000 Crore are exported every year from India by the exporters, suppliers and manufacturers of spices.
Due to the MEIS scheme introduced by the Indian Government, spices exporters have shown a rise in the export of spices.
According to the recent budget of 2020, the new NIRVIK scheme is aimed at providing financial aid to small exporters of spices and other commodities in India.
According to NIRVIK (Niryat Rin Vikas Yojna) scheme, credits for exporting spices and other commodities would be provided on a larger scale and at a lower rate of interest by the Government of India.
This scheme will probably boost the overall exports of India that have seem to be declining consistently, leaving a deficit of around $ 118 Billion