India plans to boost agricultural spending by roughly 15% to about $20 billion in the upcoming budget. This marks the largest increase in six years as the government aims to raise rural incomes and control inflation.
The funds will go towards high-yielding seeds, improved storage and supply chains, and increased pulses, oilseeds, vegetables, and dairy production.
This aims to boost rural incomes and control food price inflation, which recently peaked above 10%.
Current strategies to curb inflation include export restrictions on some products and duty-free import policies for certain pulses.
The agricultural ministry’s budget and research spending for new varieties will also increase. The government aims to boost farm exports to $80 billion by 2030, up from the current $50 billion.
The budget may also increase subsidised farm loan limits and expand crop insurance.
The government aims to boost pulse production to 30 million metric tons by 2030 and invest $9 billion in fisheries over the next five years. Incentives for food processing firms are also planned.
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