Daily Stock Market News

Budget will help boost shrimp and milk production, says livestock industry

“Duty reduction on certain inputs required for shrimp aquaculture to promote its exports is a welcome move as it will further boost entrepreneurial mindset and help in job creation. Lowering production cost of shrimp hatchery and feed will promote growth in the sector. The fisheries and aquaculture sector has tremendous potential to generate livelihood and income,” said Amit Saraogi, chairman, Livestock Taskforce, CII Eastern Regional Council.

“Increased allocation under Livestock Health and Disease Control programme from Rs 8.86 billion in RE 2021-22 to Rs 20.00 billion the 2022-23 BE, reiterates GOI’s focus on supporting livestock betterment. This is expected to bolster cattle productivity and increase raw milk availability for dairy processors,” said Sharad, adding, “Reduction in alternative minimum tax rates for cooperative societies will positively impact margins of dairy cooperatives lending cushion for further capex in dairy processing and passing on benefits to dairy farmers.”

However, the livestock industry captains think that the budget gave inadequate attention to the livestock sector, even though it contributes 4.11% to GDP and 25.6% to total agriculture GDP.

“We wanted the government to fix MSP for the poultry sector, which would have benefited the poultry farmers to a large extent. The industry also expected a viable solution towards controlling the ever spiraling of the raw material prices as it has been plaguing the already overburdened industry,” said Saraogi.

Read More: Budget will help boost shrimp and milk production, says livestock industry

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