Indian Agriculture Sector Divided Over 2024 Interim Budget
2 Sources
2 Sources
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Farm sector hails forward looking budget, Tikait calls it 'empty-handed'
Tikait expressed concern "over providing funds for the private sector in agri-research in the name of climate change, letting foreign lobby groups and big corporations push their agenda." Good Food Institute India's Acting Managing Director Sneha Singh said, "We applaud the special focus on achieving self-sufficiency in pulses and oilseeds to reduce the dependence on imports and create more pathways for value-added products such as plant proteins." Dhanuka Group Chairman R G Agarwal noted, "the budget has tried to address the twin concerns of lesser investment in R&D and lower crop yields." "To fully harness this progress, increased investments in IoT, AI, and data analytics are crucial," said Ashish Agarwal, Co-Founder & CTO, Weather Risk Management Services (WRMS).
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Farm sector hails 'forward looking budget', Tikait calls it 'empty-handed'
The Union Budget 2024 has received mixed reactions from the agriculture sector. Industry experts commend its focus on research and self-sufficiency, while some farmer leaders are disappointed with the lack of key demands being met. The budget aims to boost productivity and resilience in the agriculture sector.The Union Budget 2024 has drawn mixed reactions from the agriculture sector, with industry experts praising its focus on research and self-sufficiency, while some farmer leaders expressed disappointment. Farm industry experts hailed the Budget as "forward looking," citing its push for agri-research and self-sufficiency in pulses and oilseeds. However, farmer leader Rakesh Tikait from Bharat Kisan Union said the budget left farmers "empty handed" as it failed to meet key demands. "We trust this important mission would be adequately funded to ensure game changing results in reducing import dependence in coming years," said Solvent Extractors Association of India (SEA) President Ajay Jhunjhunwala, welcoming the national missions for edible oils. Tikait expressed concern "over providing funds for the private sector in agri-research in the name of climate change, letting foreign lobby groups and big corporations push their agenda." Good Food Institute India's Acting Managing Director Sneha Singh said, "We applaud the special focus on achieving self-sufficiency in pulses and oilseeds to reduce the dependence on imports and create more pathways for value-added products such as plant proteins." Dhanuka Group Chairman R G Agarwal noted, "the budget has tried to address the twin concerns of lesser investment in R&D and lower crop yields." ' "To fully harness this progress, increased investments in IoT, AI, and data analytics are crucial," said Ashish Agarwal, Co-Founder & CTO, Weather Risk Management Services (WRMS). Primus Partners Managing Director Devroop Dhar commented on the farmer and land register initiative: "It should be rolled out in a mission mode and then be rolled out across the country." "The food processing sector will gain from the mission for self-sufficiency in pulses, encouraging shrimp production and focus on vegetable production clusters," said Deloitte India Partner and Consumer Products leader, Anand Ramanathan. Bayer CropScience Vice Chairman, MD and CEO Simon Wiebusch said, "Focus on climate resilient crops and access to new technology will bring in food security as well as self-reliance in key areas like oilseeds." FMC Corporation Director (Industry and Public Affairs) Raju Kapoor said, "The government has presented a 'forward-looking' and 'growth-oriented' budget that rightly prioritizes the transformation of Indian agriculture." "The Budget is commendable for its strong focus on agriculture and economic growth. It highlights the government's commitment to reshaping Indian agriculture and boosting productivity," Shree Renuka Sugars Executive Chairman Atul Chaturvedi said. PwC India, Partner (agriculture) Shashi Kant Singh noted, "The Union Budget has laid down a clear path for ensuring sustainable growth of the agriculture sector. Allocation in excess of Rs 1.5 lakh crore, coupled with a clear focus on productivity and resilience, provides a much-needed thrust to the sector." Crop Care Federation of India (CCFI) Vice Chairman Rajesh Aggarwal said, "By focusing on productivity and resilience, this budget promises to transform the lives of farmers and boost the overall economy."
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The 2024 interim budget for India's agriculture sector has received mixed reactions, with industry bodies praising it as forward-looking while some farmer leaders criticize it as inadequate.
Industry Bodies Welcome Budget Proposals
The 2024 interim budget for India's agriculture sector has garnered praise from various industry bodies, who have hailed it as forward-looking and supportive of the farming community. The budget, presented by Finance Minister Nirmala Sitharaman, has introduced several measures aimed at boosting agricultural productivity and farmer income
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.Among the key proposals, the government has announced plans to promote private and public investment in post-harvest activities. This initiative is expected to enhance value addition in the agriculture sector and increase farmers' income. Additionally, the budget emphasizes the adoption of climate-resilient practices, which is seen as a crucial step towards sustainable agriculture
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.Positive Reception from Agricultural Associations
Several prominent agricultural associations have expressed their support for the budget. The Federation of Indian Chambers of Commerce and Industry (FICCI) has welcomed the government's focus on promoting millets and other nutritious cereals. This move is expected to not only improve nutrition but also create new market opportunities for farmers
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.The National Seed Association of India (NSAI) has also commended the budget, particularly praising the emphasis on research and development in the agriculture sector. They believe that this focus will lead to the development of new crop varieties and technologies, ultimately benefiting farmers
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.Criticism from Farmer Leaders
Despite the positive reception from industry bodies, the budget has faced criticism from some farmer leaders. Rakesh Tikait, a prominent figure in the farming community, has described the budget as "empty-handed" for farmers. Tikait argues that the budget fails to address key issues such as the implementation of minimum support prices (MSP) and the rising costs of agricultural inputs
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Government's Perspective
The government, however, maintains that the budget is designed to support the agricultural sector's growth and sustainability. Finance Minister Nirmala Sitharaman has emphasized that the proposals aim to create a more resilient and productive agricultural ecosystem. The government's focus on technology adoption, climate-resilient farming, and value addition is intended to address long-term challenges faced by the sector
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.Future Outlook
While the interim budget has received mixed reactions, it sets the tone for the agricultural policy direction in the coming years. The emphasis on sustainable practices, technology adoption, and value addition indicates a shift towards modernizing the agricultural sector. However, the concerns raised by farmer leaders suggest that there may be a need for further dialogue and policy refinement to address all stakeholders' needs in this crucial sector of the Indian economy
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