The Union Budget 2023 is lower than two weeks away. One among the important thing allocations to look ahead to can be that of the agriculture and allied sectors, that are the biggest source of livelihood for the country.

In keeping with Anand Ramanathan, Partner at Deloitte India, the challenge in agriculture has all the time been implementation and never allocation. Because the political will and the capital exists to allocate to the agriculture sector, he said.

In keeping with a recent report by Deloitte India, this sector has the potential to generate greater than $800 billion in revenue for the country with an investment of over $270 billion by 2031.

The report suggests that the federal government should introduce policies to support technology adoption for modernising operations within the agriculture space. It also expects the federal government to incentivize agri-tech startups to enhance accessibility for small-holder farmers.

While discussing this further, Ramanathan said, “Agriculture has to perform by doing more with less. It’s one in every of the most important and fastest-growing sectors. There may be numerous concentrate on the availability side but we also must concentrate on taking a look at get the very best price for the marketable surplus. So to that extent, technology can play a job in all different parts of the worth chain.”

Sohan Lal Commodity Management Group, which offers warehousing services for agricultural commodities, is searching for certain tax exemptions for players like itself who add value to the agriculture supply chain.

Sandeep Sabharwal, CEO of Sohan Lal Commodity Management Group said, “One among our wish lists, which has been neglected for the past 4 years is the rationalisation of products and services tax (GST).”

For your complete discussion, watch the accompanying video

First Published: Jan 17, 2023 6:47 PM IST