Measures Announced In Budget 2023 Will Boost India’s Exports

Located in Asia, India is a rapidly growing economy in the world. Its strength lies in its people, most of whom are employed in agriculture and allied activities and in recent years, the country has been earning its name in the global markets through exports of various food and agro-commodities.

From Indian basmati rice to different varieties of spices, agro-commodities from India have earned a name for themselves owing to their fine quality, taste and aroma and this has proved to be beneficial for the country in general, and for the farmers of India in particular.

The Government of India has also been boosting the morale of farmers and have been taking various initiatives to boost agro exports time and again. Government’s efforts, strong demand and farmers’ will to export agro-commodities combined have made India a reliable agro-exporter today, while ensuring decent stocks for domestic consumption.

Union Budget 2023–24 Boosts Agri Sector

As per the economic survey put forward by the Finance Minister of India, Hon’ble Ms. Nirmala Sitharaman, the agriculture as well as agri-tech sector will benefit in 2023–24 due to the increased advancement in farm technologies.

With focus on technology-intensive domains, the Union budget 2023–24 has concentrated on strengthening output and stimulating exports in a number of new and emerging areas of potential.

Custom tax on aqua feed has now been decreased in the agricultural and allied sector, which will assist in lowering input costs and boosting the competitiveness of aquatic goods at export.

The Union budget emphasizes improvement in employment conditions, due to more consumption of food. But it also points out that increasing private investments is crucial for job growth. The Emerging Credit Linked Guarantee Scheme protected India’s micro, small as well as medium-sized businesses from financial debt and their speedy revival was aided by “remarkably strong” credit growth, which was reflected in the surge in goods and services tax generated by the units.

According to the report, during the past six years, India’s agriculture industry has had average yearly growth of 4.6%. However, in terms of growth rate, year on year, it actually decreased from 3.3% in 2020–21 to 3% in 2021–22.

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