Sunday, 22 February 2015

India Budget 2015-16: The Expectations For Agri Commodities

The agriculture sector contributes to 15 percent of India's Gross Domestic Product (GDP). But it is important to note that over 50 percent of the population is still dependent on it. As the budget is around the corner India's farm sector will be waiting to see what is in its store for them. These are a critical times for the sector as agriculture is witnessing its importance diminishing in the economy. One big relief is that the new government under Narendra Modi has given special stress on the farm sector while it took charge at the office last year. The agriculture sector contributes to 15 percent of India's Gross Domestic Product (GDP). But it is important to note that over 50 percent of the population is still dependent on it. Union Budget Expectations for Agri Commodities: . Exemption of CTT for processed agricultural commodities to ensure a pickup in volumes in the futures market . Passing on benefits of a fall in petrol/diesel prices to ensure reduction in freight charges . Investment funds in warehousing sector to prevent wastage of food . Bank accounts for farmers for each and every household for direct transfer of subsidies and loans . Subsidized loans to farmers and safeguarding them from crop losses through crop insurance . Availability of quality agri inputs like fertilizers, seeds and advanced technology inputs . Providing irrigation facilities and electricity at cheap rates to farmers . Upgrading weather forecasting system - IMD, for accurate monsoon forecasts which could enable farmer to take informed decisions. . Investments in transportation and infrastructure like roads and railways to reduce transportation costs for farmers for their produce

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