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There’s a lot of buzz about the government making significant investments in rural and agricultural infrastructure in the upcoming Union Budget. Let’s delve into this with insights from Bajaj Broking because here, #BudgetSimpleHai.
In the upcoming Union Budget, Finance Minister Nirmala Sitharaman is expected to pay special attention to the rural sector and welfare schemes. These investments could create new opportunities and boost economic growth.
It’s expected that the budget should promote climate-smart agriculture, including innovations like solar-powered irrigation and rainwater harvesting. These new technologies and better storage solutions can make farming more profitable. Additionally, there is hope for stability in the Fast-Moving Consumer Goods (FMCG) sector this year.
There seems to be a need for increased investment in rural infrastructure. Strengthening road networks, irrigation facilities, and storage infrastructure is crucial. This can minimize post-harvest losses and enhance market access for farmers. Such initiatives not only increase productivity but also generate employment, boosting rural economies.
The agriculture and FMCG sectors are looking for the government to address challenges like drought, climate change, and inflationary pressures. Certain schemes to boost rural consumption can foster a more stable market in 2024. Increased funding for the agriculture accelerator fund could also be crucial to improve farming practices through new technology and better storage solutions.
India’s agricultural exports reached $53 billion in FY2023, up nearly 6% from FY2022. Efficient policies and strong government support are required to tap into the larger agriculture export market. Anand Ramanathan, Partner and Consumer Products and Retail Sector Leader at Deloitte India, points out that addressing issues like produce not meeting the minimum residue level (MRL) is essential for boosting exports.
Most Farmer Producer Organisations (FPOs) struggle due to weak management of operations and finances. Capacity development measures are needed to ensure their longevity and continued benefits for farmer members.
There is a need for the government to focus on increasing awareness about the benefits of technology in agriculture. Promoting adoption and scaling of these solutions through appropriate incentives can significantly boost productivity. India, with the most arable land in the world and being one of the largest producers of agricultural products, has immense potential. However, it lags in processing, with the current level estimated to be around 10%.
Every year, a significant percentage of fruits, vegetables, oilseeds, pulses, and grains are lost after harvest due to inadequate storage conditions. Establishing steel silos, warehouses with modern sensors, and micro-cold storage facilities can reduce these losses. This would give farmers an extended selling window and prevent distress selling.
Finance Minister Nirmala Sitharaman will present the full Union Budget after nearly a week. Equity investors are keenly watching the budget for its impact on different sectors and stocks as well as for larger policy goals that impact the market in the long term.
Broadly, there are expectations that many of the previous schemes supporting the rural economy may continue with higher allocations to boost the recovery cycle. Investments in rural infrastructure, climate-smart agriculture, and FMCG sector stability are key areas to watch.
Follow us for more updates and insights because with Bajaj Broking, #BudgetSimpleHai!
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