The main driver and the largest informal sector in the Indian economy is Agriculture. However, due to the demonetization drive, there is a huge distress that is experienced. In the agricultural sector of India, there is a very high expectation that is running up the standards due to 2017 budget being preponed. There is always a huge scope, which is not realized by many of the companies. With the implementations and the logical budget, there is always a good change that can be expected to look at the current scenarios.
The top priority has to be received by the agricultural sector, and this is very important as there is 65 percent of India’s population (close to 800 million), who belong to the rural economy. To make it convenient and easy, the budget 2017 has put its focus on the life of farmers who belong to the lower income groups with the introduction of initiatives and proper measures.
To increase the farmer’s income by two-fold by the year 2022, there are many discussions that are taking place regarding various methods that can be implemented. In India, there is almost 50-percent of the rural households completely depending upon agriculture due to which improving the farmers’ livelihoods would be directly connected to the rural economy. There must be various positive initiatives that must be given to this sector in this 2017 budget. Along with this, they should start using services and seeds to improvise the new agricultural technologies
To resolve these problems, there have been many recommendations that are given by the industry repeatedly. The prominent one among them is to launch a mustard oil development board, which would work in collaboration with agricultural institutes and societies. With respect to consumption, work has to start in the mustard seeds field to promote popularity and production.
They would also keep track of government notifications, R&D, market updates, promotion of mustard oil, and market information updates. This will regulate export and import in India as the most popularly grown crops.
Talking about the Asia-Pacific region countries, there is an agricultural biotechnology, which is rapidly increasing. Given the potential and contribution that is provided to affect the agricultural economy, private and public agricultural institutions, agriculture universities and seed companies to increase their agricultural biotechnology, they should be incentivized to create modern and newer seed technologies