Budget 2023: As millions of Indians depend on agriculture for their primary source of income, the sector has always been a major focus of the Union Budget, especially in recent years. The industry is hopeful that in the Union Budget 2023, the government will support interventions that will enable farmers to sustainably increase their income this year as well.
Allocation of funds for research and development (R&D) should be projected in Budget 2023 to create new, safer and more efficient ways to control weeds, diseases and pests in chemical and biological streams. Companies engaged in such R&D activities can be induced to invest more in them by various forms of incentives. In addition, the sector needs additional government support in the form of incentives such as the Production Linked Incentive (PLI) to maximize agricultural production by 2023.
Data from the Ministry of Statistics and Program Implementation indicates that the agriculture sector will experience a growth of 3.6% in 2020-21 and 3.9% in 2021-22. During the COVID-19 crisis, the industry displayed remarkable resilience. In addition to the food crisis, climate change, supply chain issues, inflation and geopolitical issues disrupt every economy and lead to a global recession in 2022, which is widely acknowledged to be the year for the global agriculture and food industry. was challenging for
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Promoting new technologies, especially aimed at combating climate change, needs to be a primary focus of the Union Budget 2023. Both the profitability and productivity of farmers benefit from the new technologies. To encourage crop diversification, it is also expected that the government will rationalize the Minimum Support Price (MSP) policy.
Soil fertility and micronutrients will be essential to meet the country’s food quality requirements. Therefore, setting a tax rate comparable to that of micronutrients and bulk fertilizers would enable farmers to take advantage of these products, increasing not only the quantity but also the quality of their produce.
In fact, measures like depositing subsidy amount directly into the bank accounts of farmers will give them a choice of which products and services to use to boost the productivity of the agriculture sector. As a result, the export plans of the country will also gain momentum.
questions to ask
Q1. Who is the Agriculture Minister of India?
Agriculture Minister Narendra Singh Tomar is in charge of the Ministry of Agriculture.
Q2. Is pest control subject to GST?
For the service of pest control in an agricultural produce warehouse, the GST rate is 18 per cent or “CGST 9% + SGST 9%”.