The importance of agriculture to the Indian economy has increased in light of the country’s increasing food needs in light of climate change and recent disruptions in the grain trade brought on by armed conflicts.
Allocations for agriculture have traditionally been significant in the union budget planning process since more than 60 per cent of families depend on revenue from this industry and because it multiplies demand for other industries.
Vijay, Chief – Mechanisation and Trade Services at nurture.farm said, “The finance minister has to do a balancing act in the budget. It is expected that FY 2023-24 budget will have a strong focus on the use of the cooperative, farmer-owned sector to build investments on-farm as well as for better post-harvest material handling and processing.”
Vijay also said that the cooperative sector, apart from the FPO ecosystem, is expected to be strongly supported in the Budget to replicate the success of the milk sector for grains and oilseeds.
“The Budget would also likely focus on sustainable agriculture to tackle the challenges of climate change and lower carbon emissions. Providing incentives to drive change could be an important aspect of the industry and for public-private partnerships to drive change,” he added.
Akhilesh Jain, Co-founder, Agrotech India said that innovative farm techniques like drip irrigation, which can make a big difference nation-wide, must be adopted and promoted. Ideas like vertical farming and irrigation techniques can go a long way in addressing the issues of farmland and water scarcity in a country like India. Crop Insurance is the major key for promoting agriculture growth and benefit the farmer.
Jain added that import substitution must be an important factor for consideration in the budget. A prime focus should be made on bringing the country’s domestic strength back and cutting off the imports like edible oils etc.
“Innovative farm techniques like drip irrigation, which can make a big difference nation-wide, must be adopted and promoted. Ideas like vertical farming and irrigation techniques can go a long way in addressing the issues of farmland and water scarcity in a country like India. The budget must focus on such Innovations,” said Jain.
Jain also said that the budget must grant a significant push to agri research and development. These will not only improve soil fertility and crop production but also benefit farmers’ incomes.
Lastly, the focus needs to be on the use of technology and digital agriculture to benefit the wide scenarios of pest and disease infestation, soil fertility, crop monitoring, production etc.
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