The recently announced budget has sparked a wave of hope and anticipation within India’s agriculture and commodities sectors, as it aims to inject much-needed momentum into various facets of the industry. Farmers, rural economies, women’s development, technological advancements, and crop productivity all stand to benefit from the proposed measures. While the overall sentiment is positive, some stakeholders are pointing out areas where more focus and resources are needed for comprehensive growth.
Key Concerns and Unaddressed Issues
Deepak Ballani, the Director-General of the Indian Sugar and Bio-Energy Manufacturer Association (ISMA), commended the significant measures outlined in the budget that specifically target the agricultural sector. Particularly noteworthy is the introduction of the Dhan Dhanya Krishi Yojana, which is expected to bring freedom and equitable benefits to all participants in the agricultural domain.
However, Sanjeev Asthana, President of the Solvent Extractors Association, highlighted key concerns that remain unaddressed. While acknowledging the positive moves towards food processing and artificial intelligence in agriculture, he emphasized the urgent need for increased funding for the Oilseed Development Programme. Similarly, Suhas Buddhe, an Adviser to the Soluble Fertilizer Industry Association, expressed disappointment over the lack of provisions for educating and training marginal farmers in modern agricultural techniques.
Empowering Farmers and Boosting Productivity
Gaurav Kedia, Chairman of the Indian Biogas Association, emphasized the importance of sustainable agricultural practices and organic farming in realizing the objectives of the Dhan Dhanya Krishi Yojana. He highlighted the need for strengthening Farmer Producer Organizations (FPOs) and cooperatives to facilitate the central boards’ establishment with state assistance, setting the stage for robust growth.
KV Karthik, President of the Indian Pump Manufacturers Association, lauded the increase in the Kisan Credit limit, projecting a surge in agricultural pump demand that would benefit both farmers and the industry. Additionally, the extension of the Jal Jeevan Mission until 2028 promises enduring business opportunities and enhanced water accessibility across the nation.
Jitendra Kumar, the Managing Director of the Biotechnology Industry Research Assistance Council (BIRAC), echoed the budget’s focus on crop diversification, post-harvest storage, and credit accessibility for millions of farmers. These align with BIRAC’s commitment to fostering agri-biotech innovations, ushering in a new era of agricultural advancement.
Balram Singh Yadav, the Managing Director of Godrej Agrovet Limited, underscored the significance of empowering farmers, promoting sustainable production, and fostering a resilient agri-economy for the nation’s progress. With India being the second-largest global producer of fish and aquaculture, the reduction in basic customs duty on key feed ingredients is poised to bolster competitiveness and sustainability in the sector.
Strategic Focus on Agricultural Productivity
Rajavelu NK, CEO of Crop Protection Business at Godrej Agrovet Limited, emphasized the transformative potential of the Mission for Cotton Productivity, integrating science and technology to revitalize cotton cultivation. This initiative not only addresses declining acreage but also helps farmers enhance yields and profits.
Simon Wiebusch, the Country Divisional Head of the Crop Science Division of Bayer in India, Bangladesh, and Sri Lanka, lauded the budget’s comprehensive strategy for enhancing agricultural productivity and sustainability. The focus on improving post-harvest storage, irrigation, and credit availability is expected to empower farmers and drive economic growth in rural areas.
Susheel Kumar, the Country Head and Managing Director of Syngenta India Pvt Ltd, lauded the Union Budget’s commitment to revitalizing rural India and bridging the urban-rural divide. By prioritizing infrastructure, innovation, and self-sufficiency, the budget outlines a transformative roadmap for India’s rural economy.
The establishment of large-scale vegetable production clusters and support for Farmer Producer Organizations (FPOs) and start-ups are positioned to boost rural prosperity, elevate the horticulture sector, and meet the country’s nutritional needs effectively.
The Union Budget reaffirms the government’s dedication to revitalizing rural India and bridging the urban-rural divide through infrastructure, innovation, and self-sufficiency. The comprehensive roadmap laid out in the budget strengthens farmers, enhances productivity, and drives self-sufficiency in the agriculture sector.
Sanjiv Kanwar, the Managing Director of Yara South Asia, commended the government’s focus on innovation, investment, and sustainability in agriculture as a bold step towards a thriving, self-reliant agricultural future for India. The strategic focus on crop diversification, improved irrigation, and better credit availability is essential for the sector’s sustainable growth.
Stay tuned for more updates on how the budget unfolds and impacts the agriculture and commodities sectors in the coming months.
