Budget 2022 Suggestions: The condition of farmers is not much better and farming is becoming expensive. In such a situation, the veterans of the agriculture sector have big expectations from the budget.
Budget 2022 Expectations: During the Corona epidemic, when the economy of the world including India had collapsed and all the sectors were weakening, then the economy was supported by the agriculture sector. However, the condition of farmers is not much better and farming is becoming expensive. In such a situation, the veterans of the agriculture sector have expressed hope from the budget of the next financial year 2022-23 that provision will be made to improve the living standards of the farmers and agriculture will be technologically upgraded. In this regard, the veterans of the agriculture sector have given their opinion that what are the expectations for the agriculture and commodity sector in the upcoming budget. Finance Minister Nirmala Sitharaman will present the budget for the next financial year on February 1.
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If loans are available at cheap rates, then agriculture will increase
India is estimated to produce 309 million tonnes of food grains in the 2020-21 crop year and agri commodities exports remained strong in the 2020-21 crop year. As the Indian economy is getting stronger, Tarun Arora, Director (Finance and Operations) of IG International, an importer of fresh fruits, believes that the Finance Ministry should support this growth so that its pace can be accelerated. Arora has expressed hope that in the upcoming budget, the government can expand the existing schemes like e-NAM, market making in villages and encourage FPOs (Farmer Producer Organizations – Farmer Producer Organizations). Arora has suggested the government to increase the agri credit target and make available more short term loans at cheaper rates.
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Demand for subsidy for diversification of crops
If farming is becoming expensive, Arora has recommended to the government that farmers should be given more subsidy for growing many types of crops. Farmers are facing the challenges of deteriorating soil quality along with water going deeper. In such a situation, if there is diversity in crops, then it will prove beneficial for a long time. If the food processing industry has a big role in strengthening the agricultural economy and increasing the income of farmers, Arora has sought its support. He has requested the government to give incentives to agri cold storage and warehousing facilities and to subsidize connectivity between markets, farms and ports, besides promoting import-export of agri products.
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Agritech startups get easy funds
According to Amit Sinha, co-founder of Unnanti, a farming company that gives information about modern technology to farmers, in the last few years, the agriculture sector has progressed rapidly on the basis of technology, but it can be further accelerated. Sinha has expected from the budget that necessary provisions will be made in it for the betterment of farmers and development of villages. Apart from this, he has told the need of focus for infrastructure in villages, development of MSMEs, digitization of agri-ecosystem, increasing the productivity of farmers and funding of startup companies of agritech at the initial stage.
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Demand for extension of tax benefits and government schemes
According to Sinha, the agritech industry needs support from the government in the form of tax benefits and eligibility criteria etc. so that this sector can grow rapidly and agriculture can be strengthened on the basis of technology. Apart from this, he has suggested allocating funds to promote digitization in the agriculture ecosystem. According to Sinha, setting up of FPOs (Farmer Producer Organizations – Farmer Producer Organizations) will be encouraged through easy availability of funds, tax relaxation and interest subvention and the agritech industry will grow rapidly. Sinha has demanded financial support to farmers, extension of important government schemes like Pradhan Mantri Matsya Sampada Yojana, PM-Kisan Yojana.
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