SBI Research: Golden opportunity for India to fix issues on G20 presidency agriculture subsidies

Posted on 22nd Aug 2022 by rohit kumar

Getting the presidency of the G20 is a golden opportunity for India to fix the long-standing stalemate over agriculture and food subsidies. This has been claimed in research by the State Bank of India. Let us tell you that India is going to chair the G-20 group of countries from December 1, 2022, to November 30, 2023. The economies of the G-20 countries account for 85 percent of the total GDP of the world.

 

At the same time, 75% of the world's international trade also comes from the economy of the G-20 countries. It covers two-thirds of the world's population. Due to these characteristics, it is considered the most prominent forum for economic cooperation in the world.

 

In the report released by SBI, it has been said that if we talk about supporting farmers at the domestic level, then according to the data of the year 2016, this figure in the US is 60,586 US dollars per farmer. Whereas in Britain this amount is the US $ 6,762 per farmer. After the Corona period, there has been a big increase in it, it is also certain. Even in China, farmers get four times more subsidy support than in India.

 

Subsidies have been a key issue for the agriculture sector, the report said. The huge subsidies given to farmers in developed countries make their farmers more competitive in the global market for agricultural products.

 

Talking about the worst condition of the farmers in India during the Karana period, even then only a subsidy of US $ 600 per farmer could be received. In such a situation, during the presidency of the G-20 countries, India will be able to present its point of view more concretely to the developed and developing countries to improve the statistics of agricultural subsidies in India.

 

Also Read: GST Invoice Racket: GST racket busted in Mumbai, fake bills worth 41 crores found, one arrested

Other news