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The 2018 Union Budget presented by the Government of India is highly commendatory for the agricultural industry. In a remarkable move, the government has this budget exceptionally remunerative for this sector. The budget has moved away from its production focused base to a marketing focused one, thereby exhibiting a substantial paradigm shift. The Indian government plans to increase the revenues of all framers by 200% within the year 2022.
How much investment will this industry see?
The agricultural sector will receive an investment of INR 14.34 trillion for supporting new existing schemes, implementing new ones, boosting rural economy, and its overall production.
All agricultural production companies with revenue less than INR 100 crore will see and exemption from any form of taxation.
The budget also sets aside funds for other projects.
Another INR 500 crores will go towards the promotion of agricultural logistics with “Operation Green” mission.
In addition, an investment of INR 2,000 will go for developing and upgradation of around 22,000 haats and 585 Agricultural Produce Market Committees (APMCs) based in rural India. This will facilitate small-time farmers to connect with National Agriculture Market or NAM.
Few other agriculture highlights from the 2018 budget includes:
1. Village Producers Organizations (VPOs) and Farmer Producer Organizations (FPOs) will encourage organic farming.
2. Establishment of 42 food parks with state-of-the-art provisions.
3. Budget allocated to food processing industry doubled to INR 1,400 crore.
4. INR 10,000 crore allocated to animal husbandry, fishery, and aquaculture.
5. Agricultural exports to be liberalized.
However, these were not the most significant points.
The minimum support price for all kharif crops would be raised by 1.5% of the production cost ensuring famers doesn’t undergo exploitation.
All of the above-mentioned were outlined by the Finance Minister Mr. Arun Jaitley. With support from the Prime Minister Mr. Narendra Modi, Mr. Jaitley also announced an agricultural credit expansion to INR 11 trillion.