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The budget released by Government of India for 2018, looks very lucrative and unprecedented for Agriculture Sector. There is major paradigm shift by Government of India compared to previous budgets that it is Marketing Centric instead of "Production centric". The aim of the budget is to double the farmer’s income by year 2022.
The objective to increase income is to be achieved by
(1) setting MSP of Kharif crops at 150% of production cost to ensure that farmers are not forced to sell below production cost.
(2) support organic farming
(3) doubling the expenditure allocation for food processing sector.
(4) create state of the art facilities for 42 food parks
(5) liberalization of agriculture exports and
(6) allocation of INR 10, 000 crore to fisheries, animal husbandries and related infrastructure.
Agriculture Market and infrastructure fund of INR 2,000 Crores will be setup for development and upgrading of infrastructure in 22,000 rural agriculture markets and 585 AMPC's. The upgrade will facilitate linking small farmers to eNAM an online agriculture market place.
This budget is also promoting farm producer companies with turnover less than 100 crore by providing 100% Tax deduction on profits that will help small companies and increase income.
Overall, this budget looks promising for all parties of Agri-trade and credit to Finance minister Arun Jaitley and Prime Minister Narendra Modi for taking necessary steps.