Market Update

Govt strengthens India’s agriculture, allied sectors supply chain; push for exports


Finance Minister Nirmala Sitharaman has announced some major reforms to strengthen India’s agriculture and allied activities sector. The government is also planning to boost exports of kesar, chillies, saffron and other famous Indian food product to the globe.

After announcing relief for some of the India’s poorer section of the society including migrant workers, street vendors and small farmers, Sitharaman announced measures for the allied activities such as dairy, animal husbandry and fisheries as the government looks to strengthen agriculture sector. “Indian farmers have always ensured that despite their smallholding, they will give high yields,” she said.

During lockdown, the government also took some steps to help India’s dairy co-operatives and procured large amounts from milk farmers. The government further plans to improve India’s farm infrastructure, and will take India’s turmeric, chillies, makhana and kesar (saffron) across the seven seas. “The government will provide ₹10,000 crore for food enterprises which are micro in size. This will be a cluster-based approach, with which, local value-added products can reach global markets,” Finance Minister said.

Further, the government has introduced TOP to TOTAL scheme to repair broken supply chains. “This scheme will have 50 percent subsidy on transportation from surplus to deficient markets; 50 percent subsidy on storage, including cold storages,” FM said. Agriculture provides employment to nearly 60 percent of India’s population and earlier in his nationwide address, PM Modi had said that ₹20 lakh crore package will also focus on India’s farmers who work during every circumstance. The FM’s relief measures follow Prime Minister Narendra Modi’s earlier announcement that the government is working on a ₹20 lakh crore package to help various sections of the society tide over the coronavirus crisis.

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