A Strategic Boost To Agriculture
The seed industry applauds Union Budget 2024-2025. It gives a strategic boost to agriculture
The seed industry welcomes the budget for 2024-2025, which has allocated Rs 1.52 lakh crore to agriculture and allied sectors, marking a significant increase from the Rs 1.25 lakh crore allocated in 2023. This budget underlines the government's commitment to prioritising farmers, placing agriculture and its allied sectors at the forefront of the nine key priorities. The emphasis on productivity and resilience in agriculture signals a strategic direction to bolster the sector.
A critical concern for the seed industry has been the need for enhanced agricultural research in India. Addressing this, the Honourable Finance Minister announced a comprehensive review of the agricultural research setup. This review will ensure high productivity and development of climate-resilient varieties, which is a crucial step forward for our industry.
Additionally, the announcement of 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops is a monumental step. This landmark initiative aims to mitigate the adverse effects of droughts and floods on agriculture, protecting farmers from crop losses and ensuring food security and stable incomes. Introducing these resilient crop varieties will support farmers through innovative agricultural practices.
The recent emphasis on achieving self-sufficiency in oilseeds and pulses is another critical focus for India's agriculture sector. In 2022-23, the country imported 165 million metric tonnes of edible oils. The announcement of a mission for pulses and oilseeds is a strategic move towards achieving self-reliance (Atmanirbharta), potentially saving India substantial amounts in import costs and bolstering domestic production.
Strengthening the sector indirectly, the launch of the fourth phase of the Pradhan Mantri Gram Sadak Yojana will significantly boost rural connectivity, ensuring rural prosperity and attracting substantial capital, particularly foreign direct investment (FDI) in the agriculture sector.
The government's steadfast commitment to implementing Digital Public Infrastructure (DPI) in agriculture, in collaboration with states, will modernise the sector and enhance its efficiency. Integrating the details of six crore farmers and their lands into centralised farmer and land registries will streamline agricultural management and support systems.
However, the budget overlooks some critical areas. The inclusion of cotton in the mission is vital to address the challenges faced by the cotton sector. Additionally, the budget missed providing tax benefits for the seed industry on research investments. Restoring the 200 per cent IT deduction that the industry has been advocating for would have been beneficial and is a miss in the budget.
The budget for 2024-2025 reflects a comprehensive and progressive approach to strengthening India's agriculture sector. The Federation of Seed Industry of India applauds these initiatives and looks forward to contributing to the nation's agricultural advancement.
