The Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman along with the Ministers of State for Finance, Pankaj Chaudhary arrived at the Parliament House to present the first Union Budget 2024-25 of Modi 3.0, in New Delhi on July 23, 2024.
New Delhi: Agriculture industry stakeholders have hailed the announcements made in the Budget 2024 to boost the sector. Apart from lauding the huge allocation, stakeholders have commended the government for focus on self-sufficiency in oilseeds, abolishing of angle tax, natural farming; release of 109 climate resilience varieties and mission for pulses and oilseeds.
In his comments, Harsh Vardhan Bhagchandka, President, IPL Biologicals said “The PM’s Vision-2047 for a Viksit Bharat cannot be achieved without the focus on Agriculture. We are happy to note that the finance minister listed 9 government priorities, with Agriculture Productivity being on the top. The allocation of ₹1 lakh crore for private sector innovative R&D and commercialization support shall help in bolstering an environment of innovation and progress. The government’s initiative to review the agriculture research setup shall help us focus more on products that increase productivity and developing climate-resilient varieties will drive innovation and efficiency in the sector. Additionally, the attractive Employment Linked Incentive (ELI) scheme and the withdrawal of the angel tax is a positive step that will encourage more investment and growth in the sector.”
Raju Kapoor, Director, Industry & Public Affairs, FMC India said, “The government has presented a forward-looking and growth-oriented budget that rightly prioritizes the transformation of Indian agriculture. The comprehensive review of agricultural research focusing on productivity and climate resilience is a much-needed step. We are also encouraged by the government’s commitment to involve the private sector and domain experts to further enhance this endeavor, fostering a collaborative approach towards agricultural innovation and building a larger innovation ecosystem. The introduction of 109 new high-yielding and climate-resilient varieties of 32 field and horticultural crops further showcases the government’s dedication to providing farmers with the support they need to thrive in the changing environment. Similar efforts are needed to make the expedited availability of modern agricultural inputs to enhance productivity. The digital public infrastructure for agriculture in partnership with States, integrating 6 crore farmers and their land into a digital registry will increase transparency and also democratize access to digital services. This will last lay a strong foundation for precision agriculture.”
“The government’s vision of developing vegetable production closer to consumption centers and promoting FPOs, cooperatives, and startups for efficient supply chains is likely to benefit both farmers and consumers. It is encouraging to see the government’s increased focus on ease of doing business with Jan Vishwas bill 2.0 which will strengthen FDI in agriculture and also help in modernizing the agriculture sector with technology and R&D. Further decriminalisation of minor offences may be ensured even in the Insecticides Act 1968. The initiative to open 1000 ITIs is a timely initiative,” added Raju.
Hiren Doshi, General Manager, SatSure said: “The Union Budget 2024-25’s focus on Digital Public Infrastructure (DPI) and increasing penetration of Kisan Credit Cards (KCC) marks a significant step towards a resilient and productive agricultural sector. By digitizing crop surveys across 400 Districts and expanding access to financial support, we are paving the way for sustainable growth, self-reliance & healthy financial inclusion.”
Doshi added: “The Government’s commitment to implementing the Digital Public Infrastructure in agriculture is a transformative step towards modernizing agricultural financing. As Union Finance Minister Smt. Nirmala Sitharaman highlighted, this initiative will leverage digital crop surveys and integrate the details of 6 crore farmers into registries. By doing so, initiatives like Jan Samarth-based Kisan Credit Cards will drive greater financial inclusion, empowering farmers with the resources they need for sustainable growth. Having been part of some of these initiatives over the last 24 months, we are excited to continue supporting such initiatives to make India a powerhouse in Global food systems.”
Dr Sat Kumar Tomer, Founder & CEO, Satyukt Analytics said: “The Union Budget’s allocation of Rs 1.52 lakh crore for agriculture and associated sectors is a monumental step towards revitalizing our agricultural landscape. The initiative to develop a digital public infrastructure in collaboration with states will modernize the sector, enhancing efficiency and connectivity. The comprehensive review and transformation of agricultural research to focus on productivity and climate-resilient crop varieties are crucial in the face of climate change. With challenge-mode funding and private sector involvement, this initiative promises innovative solutions and sustainable growth.”
“The implementation of Digital Public Infrastructure (DPI) within three years will ensure that farmers and their lands are comprehensively covered, leading to better resource management. Additionally, the operationalization of the Anusandhan National Research Fund for basic research and prototype development, along with mechanisms for private sector-driven innovation, marks a significant advancement in agricultural research and development. This budget lays a strong foundation for a resilient and forward-thinking agricultural sector,” Dr Tomer added.
In his comments, Prem Kumar Vislawath – CEO and Founder, Marut Drones said: “The allocation of ₹1.52 lakh crore for agriculture and allied sectors by the finance minister underscores a pivotal commitment to bolstering India’s agricultural resilience. The emphasis on developing climate-resistant varieties and introducing 109 new high-yielding varieties is a forward-looking stride towards sustainable agriculture. Additionally, the promotion of farmer producer organizations, cooperatives, and startups heralds a new era of inclusive growth and innovation in the agricultural sector.”
“The abolition of the Angel Tax for investor classes is a significant boost for startups, affirming the government’s unwavering support for entrepreneurship and fostering a conducive investment environment. However, we look forward to enhanced subsidies on agricultural machinery, including drones, as a critical step towards modernizing our farming practices,” he added further.
“The government’s provision of ₹1.52 lakh crore for agriculture and allied sectors marks a significant step toward enhancing the country’s agricultural landscape. The establishment of 10,000 bio-research centers and the initiation of 1 crore farmers into natural farming with robust branding and certification over the next two years will foster sustainable practices. Developing large vegetable production and supply clusters closer to consumption centers and providing financial support for shrimp breeding through NABARD will strengthen the supply chain and boost exports. The introduction of Kisan Credit Cards in five states, the release of 109 varieties of 32 crops, and efforts to ensure self-sufficiency in pulses and oilseeds underscore the commitment to empowering farmers and ensuring food security” said Dr Aman Mittal, Vice President, LPU.
Archana Sinha, CEO and Co-Founder, Nourishing Schools Foundation said, “While the announcement of the comprehensive review of the agri-research and development is a step in the right direction, prioritising enhancing productivity and efficiency – improving nutrient profiles of the crops should also be seen as one of the key focus areas. Studies indicate that elevated levels of CO2 result in massive deterioration of the nutritional profile of staple crops like rice, wheat, and barley – between 7% and 15%, thereby urging the need to find the balance between climate resilience and upping nutritional profiles of the crops to truly combat food insecurity in the country.”
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