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The Budget does well to bring the focus back on what could be the two largest drivers of India’s economic transformation over the next couple of years — the agricultural and food processing industry and the micro, small & medium enterprises (MSME) sector. Prime Minister Narendra Modi had set an ambitious target of doubling farm incomes by 2022.
Finance minister Arun Jaitley envisages that developing the agricultural sector as an enterprise can be a path to achieving this target. Agricultural produce is at an all-time high. Yet, farmers do not benefit due to low value addition in their produce.
Future Group CEO Kishore Biyani
The Budget has doubled the allocation for the food processing ministry and is about to roll out Operation Green, aimed at boosting farmer-producer organisations and bringing professional management in this sector.
The steps announced in the Budget will help attract larger corporate investment in the farm sector and make it more attractive for players like us to establish stronger linkages. India is home to almost every climatic zone the world has. Therefore, it has the ability to produce almost every type of food. Investments in processing this produce will go a long way in helping farmers earn more.