Simultaneously, the government must address the issue of reducing employability among young graduates. The pandemic has most definitely impacted the quality of education and training among students in urban areas where ample facilities are readily available. One can only imagine what a step down it would’ve been for the rural education system. Skill development based on industry requirements and vocational training are areas where accelerated growth is needed.

We need more openings in the skilled market space to keep domestic consumption ticking.

Recently, our Prime Minister announced his plans for Amritkal – the coming 25 years to the centenary of India’s independence, where he said India will play an important role in setting the direction for the world. The Indian dairy industry also has its targets set till 2047. We have been the largest producer of milk in the world since 1997 and our target is to increase our contribution to world milk production to 45%. While the government recognises the importance of dairying in India’s growth, it is yet to allocate proportionate budgetary resources to the sector. Strategic tax concessions for farmers are required at present to increase the profitability of agriculture and dairying in the country and incentivize the next generation of farmers to associate with the sector and invest their time and resources in the business. Including dairying under the gamut of agricultural income would bring much-needed relief for the dairy farmers and become a big boost for the government’s objective of doubling farmers’ income. Employment options catering to 60% of India’s population residing in Bharat will encourage them to stay back and uplift the rural economy. Not only this, but it will also help the government in monitoring excessive urban migration resulting in a higher rate of unemployment in urban India.

From the consumer’s point of view, it is imperative the government rethinks the GST rates applicable to several essential products. Products like ghee are taxed on the final price or at the manufacturing stage, which is finally impacting the buying behaviour of customers as well as the commercial viability of the producers. Similarly, molasses which is used in cattle feed plants are taxed at 28%, which also impacts the rates of cattle feed. Further, the cattle feed is not attracting any GST, which leads to no input credit received by these cattle feed plants.

Despite the overall financial growth that India has shown, the fact remains that we are still dependent on imports for crucial sectors such as edible oil, energy, etc. It is pivotal for the government to put a spotlight on such sectors and introduce reforms that would encourage indigenous production and self-reliance in all sectors. As India marches into 2023 with the world looking up to the country’s financial track amid uncertain global headwinds, the forthcoming budget will be India’s roadmap not just for the next financial year but also for the times to come.