New Delhi, Jan 30 (SocialNews.XYZ) The Centre, in its Budget for FY23, is likely to incentivise value addition of agri commodities besides transportation, marketing and branding of such products, brokerage house Kotak Securities said in a note.
Five states set to go for Assembly polls is another reason why the agriculture sector could be in focus during the Budget.
"Committed to increasing farmers' income, the government of India can come up with various plans in Budget 2022-23 in spite of the recent withdrawal of three farm laws late last year," it said.
Further, it is expected that the Centre may announce something in order to achieve self-reliance in edible oil and pulses.
"With over 65 per cent of the country's total edible oil requirement being met by imports, it's imperative to reduce dependency on foreign supply. Notably, edible oil is the third largest imported commodity in India after crude oil and gold," it added.
Having already reduced import duties on edible oils three times in the second half of 2021, further duty cuts are unlikely, the brokerage said.
Furthermore, the Centre may announce subsidised interest rates for agriculture loans and increase in credit limits to alleviate the financial burden of farmers.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz