Economic Survey shows agribusiness has strong potential for growth, say experts

Anand Ramanathan, Partner, Deloitte India said, “Increase in food grain production, record agricultural exports, enhancement of MSP levels, focus on millets, oilseeds and pulses, greater coverage of crop insurance, increase in institutional credit and continued progress in e-procurement amongst various other highlights indicate that agribusiness continues to show strong potential for growth and enhancement of farmer livelihoods. The economic survey could have had more coverage from an Agri-tech standpoint to address some of the key challenges from a yield, productivity and market linkages perspective”

National Commodities Management Services Limited MD and CEO Sanjay Gupta said, “It’s heartening to note that India’s agriculture sector has been growing at a rate of 4.6% over the last six years and the country has emerged as the net exporter of agricultural products, with exports in 2021-22 touching a record US $ 50.2 billion. The continuing growth of agricultural produce will lead to a surge in the demand for agricultural warehousing which is important for reducing post-harvest losses of crops and is crucial for ensuring food and nutrition security.”

He said “Given the government’s objective of increasing farmer incomes and ensuring food security, there is a need to give a fresh fillip to the development of storage and Agri warehousing facilities which so far is largely fragmented with the majority of warehouses owned by traders/processors involved in agriculture trade. The fragmented agriculture warehousing industry needs regulation and if proper regulation is applied to the sector the corporatization of the warehousing sector will become a reality. To attract new investment in the warehousing sector this industry must be organized.”