Emerging Consumer Trends of Rural India & Their Financing Needs
Journal Title: IOSR Journal of Economics and Finance (IOSR-JEF) - Year 2019, Vol 10, Issue 1
Abstract
India is one of the fastest growing economies in the world and has about 65-70% of its economy living in villages. Government of India has come up with a novel plan to double farmer’s income by 2022. The strategy to achieve this goal involves use of better technology, incentive structure, public investments and facilitating institutions. This feat cannot be achieved through government initiatives alone. It requires equal contribution from the private sector as well. This research paper focuses on how private financial institutions like NBFCsshould help to achieve this goal. Firstly, it involves financing construction of warehouses as per Warehousing Development Act, 2007. According to Food Processing Industry, harvest and post-harvest losses of agricultural produce is estimated at Rs.92,651 crore. Secondly, financial institutions should also emphasize its focus on financing and creation of food processing industry near the farms (like sugar factories are near sugarcane fields). Lastlly, they should start quick disbursement of loans to farmers on warehouse receipts. The farmer can use the fund for his consumption needs and inputs for the next season. Meanwhile, the farmer can keep an eye on the price, and sell the produce, for a price that he thinks is right.
Authors and Affiliations
Anup Sharma, Archit Rastogi, Nishi Gogia
Keywords
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- EP ID EP443086
- DOI 10.9790/5933-1001020109.
- Views 170
- Downloads 0
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