Why Budget 2018 is clearly for larger audience

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Published: February 2, 2018 3:21:23 AM

Budget 2018: For the last budget in this term of the government, the FM has done well to bring back the focus on sectors that provide employment and livelihood to the largest sections of the population.

Budget 2018: The budget 2018 is aimed at creating a platform for bringing about a sustainable and long term change in these sectors and bring back the economy on the 8% growth trajectory.(Image: IE)Budget 2018: The budget 2018 is aimed at creating a platform for bringing about a sustainable and long term change in these sectors and bring back the economy on the 8% growth trajectory.(Image: IE)

Budget 2018: For the last budget in this term of the government, the FM has done well to bring back the focus on sectors that provide employment and livelihood to the largest sections of the population. The agricultural and food processing sector, coupled with the micro, small and medium industries that includes industries in textile, leather and footwear, forms the bedrock of India’s employment and social base. The budget 2018 is aimed at creating a platform for bringing about a sustainable and long term change in these sectors and bring back the economy on the 8% growth trajectory.The Prime Minsiter aims to double the farmer’s income by the 75th year of India’s independence. The finance minsiter has correctly noted that this requires farmers to earn significantly more from their produce. This can only happen through a strong focus on value addition of agri produce.

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The government has doubled the allocation for the food processing ministry and is about to roll out Operation Green aimed at boosting farmer-producer organisations, food logistics chains and bringing in professional management in this sector. Besides, the government is investing in strenghtening the infrastructure and connectivity of agri markets. These steps will help attract larger corporate investments in the sector and make it more attractive for players like us to establish stronger linkages. India is home to almost every climatic zones the world has, and therefore, has the ability to produce almost every food produce. Investments in processing this produce will go a long way in helping more than half of the country’s population earn more.

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The government’s focus on strenghtening the MSME sector by linking the Trade discounting system (TReDS) with the GST network, the MUDRA scheme and increasing financing options for them will bring in more ease in conducting their business. As corporates, economists, analysts or stock market participants, we often look at narrow indicators. But nothing benefits the economy more than when a larger sections of the population benefit from macro changes that the government brings through. This budget is clearly for the larger populace.

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