Budget 2021: Turbocharging India’s economy
It’s Budget time, and entrepreneurs across sectors are expecting the government to deliver reforms to help them rise from the disruption of COVID-19.
Agriculture is the backbone of India’s economy. Amid COVID-19, while companies across sectors suffered, the agriculture sector somehow defied the overall economic slowdown this fiscal year.
However, agritech entrepreneurs say that the government must enhance the use of newer technologies such as artificial intelligence to improve yields and farmers’ incomes.
Here are some of the top recommendations from the sector:
- Set up and strengthen FPOs to make it easier for private players to reach growers.
- Connect FPOs in a digitised way so that they can benefit from new technologies offered by agritech startups.
- Expand the scope of the Agriculture Infrastructure Fund to increase warehousing facilities and strengthen the supply chain.
- Build on the Krishi Udaan logistics scheme unveiled last year to help farmers transport their produce by air.
On the other hand, fintech entrepreneurs say that India’s pandemic-hit economy needs big-bang reforms and not a mere tinkering of the tax structure to navigate its way out of its first recession in four decades.
Key recommendations from fintech sector:
- Another fiscal stimulus and ramp up spending to boost economic growth.
- Specific measures to boost consumption instead of just tinkering with tax rates.
- Significantly increase government spending on infrastructure.
- Improve liquidity to the industry; cut rates and reserve ratios for lenders.
For YourStory's complete multimedia coverage of Budget 2021, visit YourStory's Budget 2021 page.
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News & Updates
- India’s pandemic-hit economy needs big-bang reforms and not a mere tinkering of the tax structure to navigate its way out of its first recession in four decades, founders of fintech startups Fisdom, Niyo, and CapitalFloat feel.
- The Indian Parliament will consider 'The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021' that prohibits all private cryptocurrencies. It will create an official digital currency to be issued by the RBI.
- At Resurgence TiEcon Delhi-NCR, top stakeholders from the SaaS industry came together to decode and evaluate the future of data, and how it will help SaaS businesses scale.
- WhatsApp is facing widespread criticism for forcing users to accept its new data-sharing policies. As a result, several users are now scouting for alternative chat apps that are secure and private. Here are six alternatives.
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