Budget 2020 India: For the dairy sector, the budget has also announced plans to increase artificial insemination so that milk productivity increases.
Union Budget 2020 India: The Gujarat Cooperative Milk Marketing Federation, which sells products under the Amul brand, has welcomed the budget proposals to launch a Kisan Rail, doubling of artificial insemination targets, and providing tax benefits for cooperative societies which will lead to job creation and boost investment in the dairy sector.
The Union budget has announced a plan to run a Kisan Rail to provide refrigerated coaches in trains. For the dairy sector, the budget has also announced plans to increase artificial insemination so that milk productivity increases.
The budget also offers cooperative societies an option to be taxed at 22 per cent plus 10 per cent surcharge and 4 per cent cess with no exemption/deductions.
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The proposed Kisan Rail will reduce time and cost of perishable items like milk. Doubling of artificial insemination target and elimination of foot and mouth disease and brucellosis by 2025 will increase productivity and reduce production cost for dairy farmers,” GCMMF managing director RS Sodhi said.
The move will bring more investments in dairy sector which will increase farmers bargaining power to get better prices for their produce. If done properly, it will create 80 lakh jobs in rural areas and 16 lakh jobs in cities, he added.
Sodhi also welcomed the move to reduce income tax for cooperative societies to 22 per cent from 30 per cent.
Meanwhile, the country’s first international financial services centre Gift City, has welcomed the proposed international bullion exchange at IFSC.
“This will lead to better price discovery of gold, create more jobs and further enhance the country’s position in the bullion market,” said Gift City managing director Tapan Ray.