Tripura’s Agarwood Economy Set to Soar with New Initiatives

DoNER Minister Jyotiraditya Scindia announced that Tripura's agarwood-based economy is projected to grow significantly due to policy support and infrastructure improvements. With export caps increased and digital processes introduced for approvals, the state aims to expand global market access for its agarwood products.

In a significant economic forecast, DoNER Minister Jyotiraditya Scindia projected that Tripura's agarwood industry could see its economy rise to Rs 2,000 crore annually. The growth is expected to be driven by continued policy support and infrastructure development. Currently, the agarwood trade in Tripura stands at around Rs 100 crore annually.

Scindia highlighted progressive changes during a function at Fulbari in the North district, where he laid the foundation stone for an Rs 80-crore agarwood cluster development project. A notable reform includes the government's decision to increase the export cap on agarwood products, addressing former export limitations. The permissible export of agarwood chips has been increased from 25,000 to 1.50 lakh, while for agarwood oil, the limit is now 75,000 kg.

Additionally, Scindia assured traders of a more streamlined export process through digitization and promised initiatives like BIS certification and GI tagging to enhance the international appeal of Tripura's agarwood products. Discussions are also underway with state leadership to plant 25 lakh agarwood trees, ensuring adequate raw materials for the burgeoning industry.

(With inputs from agencies.)