Published On: Friday, October 16, 2020 | By: Team KnowMyStock
“We need private sector investment in technology and infrastructure for Indian agriculture to realise its full potential and compete better in the global marketplace,” say experts who support the amendments.
India processes less than 10% of its food production and loses about 900 billion rupees ($12.3 billion) a year due to wastage from inadequate cold storage, said Amitabh Kant, chief executive officer at NITI Aayog.
The new rules would also make it easier to sell crops in other states or abroad. Farmers would get a more stable income and the increased production would boost exports and revenue, experts say.
Before the new amendments, farmers in most states were restricted from selling their crops outside government-facilitated wholesale markets and faced legal hurdles in transporting harvests to other states.
If India can raise productivity to global norms, the country could become “an important link in global food supply chains,” NITI Aayog’s Kant wrote in a newspaper article. The new reforms, he said, set the stage for India to become “a food-export powerhouse.”
Tags: Modi govt's farm reforms
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