New Delhi: Ahead of forthcoming Budget which is expected to focus heavily on rural economy, finance minister Arun Jaitley said on Sunday that GDP growth is not justifiable unless benefits reach farmers.
“India is one of the fastest growing economies in the world and the growth is benefiting people in different sectors. But maximum population is dependent on agri-sector and unless the gains are clear and evident, the (economic) growth is not justifiable and equitable,” said Mr Jaitley after launching options trading in guarseed on NCDEX.
He underlined that government’s priority is to ensure the gains reach the farmers and the growth is visible even in the farm sector.
“We see in some places the problem of falling prices because of higher production. Farmers are not getting the price for their produce,” said Mr Jaitley. He said many steps have been taken in the last few years to take farmers out of this situation. “There has been some impact,” he said.
The minister said farmers have left no stone unturned to serve the nation. They have worked hard to turn a food shortage country to a surplus now. Mr Jaitley that the launch of options trading is one of the major steps taken to help farmers.
In the beginning, options trading may look like a small step but is a significant one, in the direction of agricultural trade as this will ensure that the farmers will receive a better price for their commodities.
He said that NCDEX Agri-options are an important tool which will contribute to the Prime Minister’s vision of doubling the farmers’ incomes by 2022.
