Budget 2022: The Agriculture Sector Needs Thorough Focus

The agriculture sector in India is going through hardships and the recent farmers' movement has been of the most significant events in the sector. The union government has already stated that the 3 concerned agri laws will be revoked in the parliament. A large section of the Indian farmers alleged that the Agri laws could worsen the situation of the poor and marginal farmers. However, the farm sector also needs a thorough focus on certain fields like agri-tech, etc. The Indian farm sector is looking forward to the upcoming Union Budget, 2022-23, which will be presented by Nirmala Sitharaman, the Union Finance Minister, on February 1.

Both 2020 and 2021 have been impressive for the agriculture sector regarding production. Adequate rain in the monsoon helped the sector to increase productivity. But to further up-scale the productivity and the supply chain, a major boost in the agri-tech field. The farm sector requires a focus from the upcoming budget to prioritize the R&D incentivization. A boost in the agri-tech field will additionally aid some ancillary businesses. The sector insiders also think that support from the government regarding tax benefits.

Since the last few years, farmers' suicide numbers have increased. A major reason is the price rise in fertilizers which led to production costs. But, the farmers are not getting an adequate price from the markets. So, a legal right of minimum support price (MSP) has been a significant demand during the farmers' movement. From the union budget, the agriculture sector will hope a focus on that.

(Also read: Budget 2022: Real Estate Sector Expecting Benefits For Affordable Housing Segment)