What The Economists Have to Say About Budget 2022-23

Union Finance Minister Nirmala Sitharaman has announced Union Budget 2022 today, on February 1. This year is her fourth Budget after 2019, 2020, and 2021. This year Union budget was expected to do whatever it takes to stimulate and revive the economy. As the Budget is already announced, many citizens are happy as their expectations are met, whereas others are not due to their unfulfilled expectations. 

Since Agriculture is the sector with which the most proportion of Indian population is associated. The post-budget highlights and discussions are intensely focusing on the Agriculture sector. In this regard, Krishi Jagran has organized a live session on post-budget discussion with the main focus of its influence on Agriculture as well as the lives of Farmers and community-associated.

The post-budget discussion was held on 1^st February 2022 at 3:00 PM on the virtual mode in face of the Covid-19 third wave.

In this session, we have listened to the Agri experts, scientists, and other delegates on their views and perspective of the highlights of the budget and how it will affect the Farmers' lives and Indian Agriculture.

Vijay Sardana, Advocate SC & NGT, Techno legal and Techno Comm, Expert in Economic Matters, Corporate Governance Advisor & Trainer regarded the budget to be good while focusing on the highlights of Union Budget allocation to Agri sector. He emphasized on technology thrust, saying it is a good part of Agriculture. He added that there is a need to adopt the technology in the Agri sector. Earlier agriculture was based on traditional and outdated practices, with the introduction and the thrust of technology, all are gearing up to transform the whole of agriculture.

Conventional systems have to go, he further added. Research gaps are one of the issues that agriculture is going to face. These research gaps will further be filled with the help of agri start-ups. As Union Budget 2022 announced supportive inputs for agri startups, it will significantly improve the agri sector while filling up the research gaps.

Agriculture needs to stand and perform, he further added emphasizing agriculture research.

Smriti Kaur, Principal, Sri Ram College of Commerce says that India being the transforming economy needs to strengthen the value chains. She emphasized the government initiatives and efforts to double the income of farmers within five years. She focused on the two pointers of today’s budget which were:

• The technology that is being adopted by farmers in Indian agriculture

• Climate-smart farming with the awareness of climate change and Natural farming being the solution

The technology will decrease the cost input while increasing the income of Farmers, she further added. She also addressed the nonoptimal NPK ratio due to the use of chemical-based fertilizers. Personalized farmer counseling is also possible which was limited to district and village level, she said.

CSC Sekhar, Professor, Institute of Economic Growth also expresses satisfaction with Budget 2022. The outmigration of individuals of agriculture root to other sector was happening from many years, as technology is taking root in Agri sector, more youngsters are encouraged to get into the Agriculture practices and Agri start-up.

He presented his view saying the budgetary allocation is the same as it is coming for many years with no major rules or change. He flagged out the three issues, allied sectors being the first One. There is a need for policies related to animal husbandry apart from food crops, grains, or cereals, he added