Budget 2023 Expectations: Nirmala Sitharaman, the finance minister, will present the Union Budget for 2023–24 on February 1. The agriculture sector is expecting a lot from this year’s budget, just like other businesses.
The agriculture sector is one of the backbones of the Indian economy. It accounts for roughly 19% of the country’s Gross Value Added (GVA) and employs more than 50% of the workforce. The sector is especially important in rural areas, where it supports millions of small and marginal farmers and their families. Despite its economic importance, the sector has faced issues such as low productivity, inadequate infrastructure, among others.
Having said that, let us see what the Agritech or Agriculture Sector expects from this year’s budget.
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Budget 2023 Expectations from Agriculture/Agritech Sector
- The Indian government is expected to concentrate on programmes that would increase crop realisations, according to the Investment Information and Credit Rating Agency of India (ICRA). It also hopes that the government will pay attention to non-farm revenue sources such as livestock farming and food processing.
- As per a report by Deloitte India, In order to modernise agriculture, the government must implement policies that encourage technological usage. According to the article, the government will also support agri-tech start-ups to improve access for small-holder farmers.
- The government has begun to implement the concept of India Digital Ecosystem of Agriculture (IDEA), which is built on an Agri Stack framework that will serve as a basis for developing new agri-focused solutions using emerging technology. The collecting of data from farmer groups is a key obstacle. The current scheme for FPO promotion could be appropriately amended to include a component on digital literacy and adoption. This would aid in the rapid scaling of the envisaged stack and roll-out services such as digitisation of land records and other data that can be analysed using emerging technologies to improve farmer incomes and overall sector productivity.
- Experts predict that stocks of fertiliser and other agrochemical firms with exposure to urea and nitrogen will benefit the most from the Budget allocation. Furthermore, allocation and subsidies will aid in increasing agricultural yield.
- Given that many Agritech start-ups are MSME, the upcoming Budget may include allocations for promoting start-ups. This will help to reduce waste while also improving productivity, quality, and farmer realisations.
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