India's agriculture sector stands out as a ray of hope as it has been relatively less affected by the coronavirus pandemic.
India is the largest exporter of rice globally and second-largest producer of wheat and rice after China. But the country's legal framework, so far, discouraged private sector investment in warehousing. It put stock limits on any trader, processor or exporter. When farmers brought their produce to the market after the harvest, there was a glut and due to lack of storage facilities they did not get desired price.
All this will now be streamlined as government has encouraged private investments in storage facility and allowed farmers to sell to anyone outside the agricultural produce market committee (APMC) yard.
It will bring greater competition amongst buyers, lower the mandi fee, commission for middlemen and reduce other cess that the states imposed on APMC markets. For the consumers, food inflation will remain under check.
Agriculture is one sector which can be expected to absorb the shock of the coronavirus and deliver respectable growth. As a majority of Indian industries and sectors are now feared to plummet into negative territory, agriculture may be one of the sectors to register growth this year.
The country needs to strengthen agri-marketing as well as the public distribution system. When farmers begin to focus on marketing their produce, buyers will automatically knock at their doors. This will have a multi-chain effect that will boost the rural economy and lead to all-round development.
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