Union Budget 2018 Gives A Big Thrust On Agriculture But Will It Percolate To Agritech Startups?
Reiterating the current government’s commitment to the goal of doubling farmers’ income by 2022 or by India’s 75th independence year, the Union Budget 2018 gave a big thrust to agriculture and the related agritech sector.
Finance Minister Arun Jaitley’s fifth and last union budget introduced a major reform that the minimum support price (MSP) for all agriculture produce would be fixed at a level to ensure the farmer a minimum return of one and a half times over the production cost.
The FM stated, “We have placed the emphasis on higher income for farmers. Farm and non-farm employment for farmers’ remain the focus. Agriculture produce is on a record high. The government is working on farmers getting 50% more price than cost price. This will go forth to double farmers’ income by 2022.”