Page 29 - Banking Finance May 2021

ARTICLE

Agricultural economy and the way affordable credit to entrepreneurs to set up new food
processing units or modernize existing food processing
forward units in designated food parks. Ministry of Food and Agro
There is a need for a centralized database wherein data Processing Industry is ensuring modern infrastructure
related to crops cultivated, cropping pattern, yield, sown/ in Food Processing Industry along the entire supply chain
irrigated area, soil health, natural calamity can be through Pradhan Mantri Sampada Yojna.
captured. The best practices in one part of the country can 4. Crop diversification: India is now self-sufficient in
be replicated in other parts of the country to reduce foodgrain production, which mainly include Wheat and
regional disparities. The areas which can play an important Paddy. India is the largest importer and consumer of
role in boosting the agricultural economy are as under: pulses across the World. As per Dr. M S Swaminathan,
1. Agri meteorology: Agriculture is dependent on vagaries after sufficiency in Food Grains production and
of nature and farmers' fate is more prone to nature consumption, the second area which needs attention is
when source of irrigation is monsoon rainfall. Better the elimination of protein hunger. This can be done by
and precise weather predictions help in proactive increasing the production and consumption of pulses.
measures to reduce crop losses. Government of India
The major role is being played by NAFED as the nodal
has signed an MoU with IBM to use artificial intelligence
government body for the procurement of pulses.
for crop selection and crop monitoring with the use of
Farmers may opt for oilseeds and horticulture crops.
Satellite Technology in monitoring the agricultural Maharashtra is the leading state in horticulture in the
sector.
country and contributes 98% of the total exports of
2. Agri infrastructure: Construction of warehouses and grapes from India.
cold storage chains are required to augment the growth 5. Role of cooperatives: The role of cooperatives needs
of agro and food processing industry. It will also take
to be strengthened to achieve the financial inclusion
care of the food security aspects of the country as India
target. Apart from the institutional credit, the farm
ranks 103 among 119 countries in Global Hunger Index.
machinery and implements can be provided to the
The government in Union Budget 2020 has announced farmers on custom hiring basis at concessional rates and
the setting up of KISAN Rail by Indian Railways for on regular basis.
transporting agri perishables.
More than Rs. 30,000.00 crore of basmati has been
3. Agro food processing: It can play a vital role in exported by the Government of India. Cooperatives
ushering in a new revolution in the field of agriculture.
must be having direct access to the export of agriculture
A separate ministry has been carved for it and Specific
produce as majority share of profit is pocketed by the
Economic Zones (SEZs) are being made. A special fund
middlemen. Stubble burning can be checked by the
has been set up by the government with a corpus of Cooperatives at block level which may collect the straw
Rs. 2000.00 Crore to enable NABARD to provide from the agri fields to process the same for
manufacturing Card Boards, Paper etc.
6. Rural and farm infrastructure: Rain water harvesting
techniques need to be implemented at the grass-root
level. To conserve energy and in order to supply
minimum 8 hours of electricity to farms, solar power
panels can be installed alongside canals or national
highways. Punjab has started incentivizing farmers who
are using water judiciously for irrigation purpose. The
same can be replicated in other parts of the country.
7. Organic farming: It prevents further deterioration of
soil quality and contamination of food chain and to a
certain extent is helpful in preventing salinity and
alkalinity of soil. Scope of organic farming can be
explored in various parts of India.

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