New Delhi: As Union Finance Minister Nirmala Sitharaman prepares to unveil Budget 2024, expectations are high for significant measures aimed at bolstering India’s agriculture sector. Shashi Kant Singh, Partner-Agriculture at PwC India, highlights key areas where the budget could make a decisive impact, positioning India as a global agricultural powerhouse.
Singh emphasises that increasing investment in agriculture research and development (R&D) is crucial. This investment, he argues, is pivotal in enhancing productivity, addressing climate-related risks, and ensuring sustainable growth in agriculture.
Speaking to ToI, Singh stressed on the need to enhance agricultural exports through an enabling ecosystem. This involves emphasising quality and traceability standards while investing in post-harvest infrastructure. Such measures not only improve market access but also strengthen India’s competitiveness in global agricultural markets.
Climate-smart agriculture is another pivotal area where Singh suggests targeted interventions. With climate change posing significant challenges, integrating technologies and practices that promote resilience and sustainability in agriculture is imperative.
The Finance Minister is also urged to continue and expand Direct Benefit Transfer (DBT) initiatives, streamline credit access for farmers, and leverage Ag-Stack and Agri-tech solutions. These digital interventions can revolutionise the sector by enhancing efficiency, transparency, and farmer income.
Singh told ToI that the Budget 2024 should prioritise mission-mode interventions and customized schemes tailored to boost agricultural exports and promote sustainable practices. This approach aims not only to increase farmer incomes but also to ensure long-term agricultural resilience and growth.
As India aims to consolidate its position as a global agricultural leader, Budget 2024 presents a critical opportunity to lay down a robust foundation for the sector’s transformation. The measures outlined by Shashi Kant Singh underscore the importance of strategic investments, technological integration, and policy support to foster a thriving and sustainable agricultural ecosystem.
The upcoming budget, therefore, holds the promise of steering India towards a future where its agriculture sector is resilient, competitive, and capable of meeting domestic needs while contributing significantly to global markets.
Shashi Kant Singh of PwC India outlines key expectations for Union Budget 2024, emphasizing increased R&D investment and measures to boost agricultural exports and climate-smart farming, aiming to elevate India’s global agricultural standing. Business Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
