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Agriculture Budget 2023: The central government may focus on promoting the agriculture sector in the Union Budget for 2023-24. Considering the fact that there is a need to appease the farming community which has been agitating for a year against the three controversial farm laws, there are several options before the government. Finance Minister Nirmala Sitharaman will present the budget on 1 February. The agriculture sector has always been viewed as a sector that has the potential to generate a lot of revenue.
What’s in the Daylight India report
According to a report by Deloitte India, it can generate revenue of over $800 billion for the country and investment of over $270 billion by 2031. The report suggested that the government should introduce policies to support technology adoption to modernize the agriculture sector and encourage agri-tech startups.
PHD Chamber of Commerce and Industry also gave suggestions
In its pre-budget memorandum released earlier this month, industry body PHD Chamber of Commerce and Industry said, “We suggest further reforms in agriculture and food processing sector to increase employment generation in the economy.” Public investment in agriculture infrastructure, rural infrastructure logistics and cold chain reforms are needed as this will help in increasing the level of food processing industry and rural entrepreneurship.
Efforts to woo the farmers before the next Lok Sabha elections
It further said that this would increase its participation in global agriculture and food exports. Exports of agriculture and food processing products should be increased from the present level of about $50 billion in 2021-22 to the level of $100 billion in the next three years. The central government is also keen to improve its relations with the farmers, especially when the Lok Sabha elections are just a year away and elections in nine states are due this year itself. In July 2022, the government constituted a panel headed by retired agriculture secretary Sanjay Aggarwal to ensure legal guarantees on the minimum support price (MSP).
Concessions may come for the farming community
The committee was formed after the government repealed three controversial agricultural laws in November 2021. While repealing all the three laws, the Center had promised the agitating farmers that it would look into the matter of ensuring legal guarantee on MSP. Due to farmers being a major vote bank in an agricultural country like India, the government can bring concessions for the farming community in the upcoming budget.
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