One of India’s most important and emotionally appealing sectors of the economy is agriculture. Approximately 60% of India’s population works in the agriculture sector, and demand is expected to grow after the pandemic declines which many global firms anticipate happening in the first half of 2022. Measures and interventions to provide to the big farming community is of utmost necessity given the diverse needs of farming in India
Now is a good time to begin financial research if you are in the agriculture sector in India, as there will be a lot of things to be aware of in the coming months.
Grants, Tax Benefits, and Government Aid
There are many organizations both in India and abroad that offer grants that will typically be very focused. Some examples may include targeted hiring in agriculture, utilizing certain technologies, or starting a farm in a particular area.
Understanding the tax benefits and government programs can also be very difficult to navigate and having knowledge of how to proceed, and critically as important in some cases, how to document to prove you are doing what is necessary can save a lot of money.
Outside Venture Capital and Financial Institutions
Many venture capital firms and financial institutions offer special financial services to the agricultural sector as it presents unique challenges and opportunities. Finding firms and banks that have experience partnering with and lending to similar businesses is important because they are going to be able to provide outside guidance and understand the capital and seasonal factors that impact agriculture in India. Being able to articulate your vision for growth and how you will use their resources to get to the next level is important, notes Steven Czyrny, President of The Analyst Agency, a market research firm in the US and who is expanding more in India.
“Having a partner who understands production cycles, technology needs, tax benefits, land agreements, and more can help a farm or a fishery or other agricultural businesses so much.”
University and Educational Financial Resources
Universities and schools across India offer many financial resources such as labor, grant writing help, training, and more. Tapping into these resources are a great way to take advantage of reduced labor costs, additional support, education, networking, and other benefits.
The author is the founder of The Analyst Agency, an award winning, global research, marketing, and technology advisory services firm with locations in the United States, Canada, and India.
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