The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, has garnered positive reactions from business leaders in the agro industries. Key initiatives aimed at enhancing productivity, resilience, and digital infrastructure have been widely praised by the industry.
Simon Wiebusch, President of Bayer South Asia and Vice Chairman, MD & CEO of Bayer CropScience Ltd, highlighted the Finance Minister’s commitment to agricultural reforms, including integrating 6 crore farmers into the farmer and land registries, establishing bio-research centers, and expanding Kisan credit cards. He emphasized that these measures, backed by a substantial Rs. 1.52 lakh crore allocation, will significantly boost the sector's growth.
Ayush Gupta, Business Head, India market, KRBL Limited, praised the budget, saying, "Initiatives like the comprehensive review of agri-research, release of high-yielding and climate-resilient crop varieties, and promotion of natural farming align with India's vision of sustainable farming. The drive to promote FPOs, cooperatives, and startups for vegetable supply chains, along with the partnership with states for implementing Digital Public Infrastructure, is expected to improve supply chains and farmer support systems, enabling self-sufficiency and growth."
Dr. R G Agarwal, Chairman, Dhanuka Group, noted that the budget addresses the need for improved productivity through investment in R&D and advanced technologies. The decision to review the agriculture research setup and involve the private sector is a positive step. "The creation of Digital Public Infrastructure in agriculture will benefit farmers. This technology will also help provide better crop production estimates and ensure timely action when needed," Agarwal said.
Priyam Patel, MD, NK Proteins Pvt Ltd, emphasized the budget’s focus on enhancing agricultural productivity and resilience, underscored by the Rs. 1.52 lakh crore allocation. Initiatives for self-sufficiency in pulses and oilseeds, particularly groundnut, sesame, and sunflower, are crucial for Atmanirbharta in the edible oil sector. The emphasis on digital crop surveys and strengthening storage and marketing infrastructure will benefit farmers, fostering sustainable development and economic growth.
Raju Kapoor, Director, Industry & Public Affairs, FMC India, praised the budget for prioritizing the transformation of Indian agriculture. The comprehensive review of agricultural research, focusing on productivity and climate resilience, is much needed. The government's commitment to involving the private sector and domain experts will enhance agricultural innovation and build a larger innovation ecosystem.
Navneet Ravikar, Chairman & Managing Director, Leads Connect Services, highlighted the budget's emphasis on transforming agricultural research and introducing climate-resilient technologies. The comprehensive review of the farm research setup and the development of 109 high-yielding climate-resilient crop varieties will enhance productivity and sustainability.
Soumya Palchoudhuri, Partner, Grant Thornton Bharat, praised the initiative to engage 1 crore farmers in natural farming, supported by certification and branding. This move promises healthier food options and higher farmer incomes through sustainable, economically viable methods.