homemarket Newscommodities NewsBudget wish list | Implementation a challenge in agricultural sector, says Deloitte India
Budget wish list | Implementation a challenge in agricultural sector, says Deloitte India
Sohan Lal Commodity Management Group, which offers warehousing services for agricultural commodities, is seeking certain tax exemptions for players like itself who add value to the agriculture supply chain.
The Union Budget 2023 is less than two weeks away. One of the key allocations to look forward to will be that of the agriculture and allied sectors, which are the largest source of livelihood for the country.
According to Anand Ramanathan, Partner at Deloitte India, the challenge in agriculture has always been implementation and not allocation. As the political will and the capital exists to allocate to the agriculture sector, he said.
According to a recent report by Deloitte India, this sector has the potential to generate more than $800 billion in revenue for the country with an investment of over $270 billion by 2031.
The report suggests that the government should introduce policies to support technology adoption for modernising operations in the agriculture space. It also expects the government to incentivize agri-tech startups to improve accessibility for small-holder farmers.
While discussing this further, Ramanathan said, "Agriculture has to perform by doing more with less. It is one of the biggest and fastest-growing sectors. There is a lot of focus on the supply side but we also need to focus on looking at how to get the best price for the marketable surplus. So to that extent, technology can play a role in all the different parts of the value chain.”
Sohan Lal Commodity Management Group, which offers warehousing services for agricultural commodities, is seeking certain tax exemptions for players like itself who add value to the agriculture supply chain.
Sandeep Sabharwal, CEO of Sohan Lal Commodity Management Group said, "One of our wish lists, which has been neglected for the past four years is the rationalisation of goods and services tax (GST)."
For the entire discussion, watch the accompanying video
First Published: Jan 17, 2023 6:47 PM IST
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