The Seventh Union Budget of the Finance Minister is a refreshingly no-frill budget that addresses the present realities and challenges of the agriculture sector. The announcement of releasing 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops for cultivation marks a significant step forward in advancing agriculture. Collaborative research of public institutions with the private sector for development of newer climate resilient varieties and farm practices for the various agro-climatic zones in the country would help farmers navigate and manage the emerging challenges in coming years.
The Modi 3-0 government continues the emphasis on technology and digital advancements. The digital crop survey for Kharif in 400 districts is another important announcement and will further strengthen the digital public infrastructure for agriculture. It will enhance transparency, empower farmers by providing them alternatives, and create more opportunities. We welcome the Government’s commitment to comprehensively review the Agricultural Research Setup, highlighting the need to raise productivity and develop climate-resilient varieties. As a company dedicated to high-end R&D, we believe this will strengthen India’s capacity to deliver solutions tailored to our diverse agro-climatic zones, benefiting a large number of farmers.
Strategy to bring “atmanirbartha” in oil seeds like mustard, groundnut, sesame and sunflower is a welcome move and would not only conserve precious foreign exchange but also unleash the potential of domestic production. It will also have a positive impact on the wholesale consumer price index and will bring down inflation. The pulses and oil form an important component of the food basket and impact inflation in the country. The private sector can play a major role in this effort in augmenting production of these crops.
The agrochemical sector was also expecting schemes such as Production Linked Incentive (PLI) scheme, income tax benefit of 200 per cent weighted deduction on R&D and the rationalisation of GST rates at par with other agri inputs which has not been announced in this year’s budget also. The agrochemical industry is highly research intensive and R & D needs to be incentivized to unleash its true potential and to contribute to the growth of Indian agriculture and Viksit Bharat by 2047.
