Wednesday, February 21, 2024

Future lies in agribusiness


The trends in global agribusiness are changing at a rapid pace and the traditional practices in agriculture seem obsolete today. Now this sector is more concerned with delivering customer value and diversification rather than increasing quantity of production only.



Sustainability of agribusiness to ensure consumer and producer’s welfare is the need of the time. Recent food crisis in the country (wheat flour, sugar, pulses, rice, milk etc.) demand prime focus of the policy makers. The major pro-active motivators for the globalisation of agribusiness are the price differentials between national and international markets while the market distortions (shortage, hoarding, black marketing etc.) at local level are the reactive motivators. The more is the difference between national and international market prices, the more will be the market distortions.

In a nutshell, the country’s future lies in agribusiness and we should not only try to add value but create value as well. We should move towards a more integrated approach to remove deficiencies and inefficiencies in this sector. Improving quality, economising on cost of production, well-articulated marketing efforts, effective regulatory framework and compliance to increasing international standards are some of the core policy issues confronting agribusiness sector. Policy reforms in changing preferences and attitudes can serve the purpose by adopting a well integrated approach involving all the stakeholders.




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