Secretary, Department of Economic Affairs, Ministry of Finance, Subhash C Garg on Wednesday emphasised the need for policy measures for corporatisation of rural economy saying that the government is trying to resolve certain issues associated with it and as soon as these are addressed, corporatisation of rural economy could become a reality to spur up farm and agriculture income of rural India.
Addressing the Economic Conclave-2018 – Rural India : Road to US$5 Trillion Economy by 2025 organised by PHD Chamber of Commerce and Industry in New Delhi, Garg also informed that the government is working on a “Stable Agriculture Policy” to transform India’s agriculture economy through which agriculture exports could multiply and reach to US$100 billion in near future with no adhocism accompanying in such a policy.
Alluding to the corporatisation of rural economy, Garg did indicate the need for policy measures to be put in place for such a mechanism to increase of farm output including agriculture produce and income, however, pointed out that certain issues are associated with corporatisation of rural economy and following their redressal, the move could become reality.
On the issue of new “Stable Agriculture Policy”, Garg was of the view that work in this direction has been progressing as the current agriculture policy is devoid of sustained measures and therefore, a new policy would come that would aim at transforming the agriculture in general and multiply its export proceeds in particular.
The economic affairs official also explained that since the dependence of 50 percent of India’s populace is on agriculture, it needs a transition and therefore, required policy steps would follow and particularly to benefits to rural economy as with recent policy pronouncements such Ujjawala Yojana, health protection and electrification of rural landscape though yet to be 100 percent electrified have definitely benefited the economy in the country side and with many more policy measures, the lot of agriculture in rural India would fall for better.
Referring to inflationary trends and make in references towards depreciating rupee and increasing crude oil prices, Garg still held that fiscal target as projected by the government would be achieved.
Among others who also spoke on the occasion anticipating that Indian economy would move towards achieving the intended growth trajectory comprised Country Director, India Central Programme of IGC and former Chairman, National Statistical Commission, Dr. Pronab Sen; RBI Chair Professor, ICRIER, Dr. Jaimini Bhagwati; Professor, NIPFP, Prof. NR Bhanumurthy; President and Vice President, PHD Chamber, Anil Khaitan and DK Aggarwal; Chairman, Economic Affairs Committee, PHD Chamber, Vijay Mehta and its Chief Economist, Dr. SP Sharma.