Upcoming Union Budget 2021 will be very crucial for the agriculture sector (13th Jan)
- By Agrosiaa Admin --
- Feb 13, 2021--
- Source :
- Krishijagran
Upcoming Union Budget 2021 will be very crucial for the agriculture sector
The three farm bills in FY2020, the focus of the government has to
be on the development of Agriculture Infrastructure which is critical
for the successful take-off of these marketing reforms.
Prasanna Rao, Co-Founder & CEO, Arya said, "We hope for the
inclusion of On lending by Banks to Agri Fintech Startup NBFCs under PSL
for all categories of loans otherwise classified as agriculture in PSL,
and the subsidies benefits under Agri Infrastructure Fund and other
government schemes to be extended to setting up of flexible and
in-demand storage solutions including Hermetic Storage solutions and
Agri-NBFCs to be allowed borrowing through the ECB route".
Further, on this Chattanathan Devarajan, Managing Director of
Aryadhan Financial Solutions Private Ltd. said,
"I think the biggest challenge for the government
in the current budget will be raising resources. Imposing an additional
tax burden does not augur well for markets; hence this will be a
dilemma. While the government will be thinking in terms of how to
increase demand for consumption, in the backdrop of the COVID-19
pandemic, it may not be sufficient enough a resource to meet the
budgetary gaps."
One of the ways that they can do this is to advance 25 per cent of
the tax collections for the next two years with a rebate on tax for the
next two years. A formula can be built out which is attractive both at
the Individual and at Corporate tax levels. This may even be tried for
GST too. It is optional, it may not face much resistance as an idea, he
said.
People may even opt for it given the fact that bank deposits have
gone up and rates of deposits are low. This reform will help the
government to meet the resources required and in turn, benefit the
taxpayer. Moreover, since only 25 per cent is being targeted with
the improvement in the economy, this gap will get abridged in the
ensuing years and the strain on the following years may not be very
significant, Devarajan added.
Source : Krishijagran
IMPORTANT LINKS
http://krishi.maharashtra.gov.in/Site/Upload/Pdf/PMFBY__2020_Gr_for_publication.pdf
http://krishi.maharashtra.gov.in/Site/Upload/Pdf/PMFBY_Process_Leaflet_Final_Print_File_15-10-2020.pdf