The Union Budget 2018 is very encouraging for the agriculture sector, Raju Barwale, Chairman and Managing Director, Mahyco said.
Several measures to ensure better post-harvest prices to farmers have been introduced in the Budget, he also said.
The laudable intent of the Union Government in doubling farmer's income in the medium terms is amply expressed through key measures in this budget.
Removing uncertainty in prices of agricultural produce is critical to give impetus to Indian agriculture. Government's proposal of 1.5x Minimum Support Price (MSP) for all Kharif crops has the potential to provide 50% gross margin to farmers and this will send positive signal to market, Barwale also added.
The Government has shared its plan to fix a structure to ensure that farmers receive MSP when market prices are lower than MSP in consultation with Niti Aayog and state governments. This is another important step. Better price realization will fuel improved investment by farming community in quality inputs and practices to increase crop yield. With these measures, the entire ecosystem will be encouraged to invest in infrastructure and research & development initiatives to bring the best of innovations to Indian farmers, he further said.