Budget 2024: Agricultural Leaders Share Their Reactions and Insights

Finance Minister Nirmala Sitharaman presented the Union Budget 2024 on July 23, 2024, unveiling a range of significant economic reforms and development plans. This year’s budget, highly anticipated for its impact on various sectors, is particularly pivotal for agriculture—a cornerstone of India’s economy and the livelihood of millions. As the details of the budget are assessed, agricultural leaders weigh in with their reactions and insights, reflecting on how the proposed measures might shape the future of farming in India.

Simon Wiebusch, President of Bayer South Asia and Vice Chairman, MD & CEO of Bayer CropScience Ltd (BCSL)

"The 2024 Union Budget outlines a strategy for achieving nine key priorities and aims to create opportunities for youth, farmers, and the rural population, pushing India closer to the vision of Viksit Bharat. The Finance Minister’s commitment to agricultural reforms with measures like bringing 6 crore farmers into the farmer and land registries, establishment of bio-research centers and expansion of Kisan credit cards, backed by a significant Rs.1.52 lakh crore spend, will definitely boost the sector’s growth. Despite being the second largest producer of fruits and vegetables, India accounts for merely 2% of global horticulture trade. The FM’s announcement to set up large-scale clusters for vegetable production and utilization of FPO’s and start-ups to promote vegetable supply chains will not only help control food prices but set the stage for making India a major horticulture exporter. Similarly, focus on climate resilient crops and access to new technology will bring in food security as well as Atmanirbharta in key areas like oilseeds.”

Dr. Gyanendra Shukla, MD and CEO of Rallis India Limited“

Firstly, I would like to extend my heartfelt congratulations to Finance Minister Nirmala Sitharaman on presenting her seventh consecutive budget. We are pleased to see that the Budget 2024-25 allocates funds worth ₹1.52 lakh crore for Indian agriculture and another  ₹2.6 lakh crore for Rural Development. This budget emphasizes a key performance indicator for the sector, highlighting the importance of agricultural research in our modern economy. It is heartwarming to see that in the next two years, 1 crore farmers across the country will be skilled, supported by certification and branding.

Developing high-yielding and climate-resilient seed varieties for different agro-climatic zones is crucial, and we are committed to supporting the government in this effort. At Rallis, we believe that focusing on digital public infrastructure is essential to bridging the urban-rural divide in agriculture. The budget's focus on natural farming, pulses, and oilseeds self-sufficiency aligns with our goals to promote environmentally friendly practices and ensure food security. The Budget has laid a strong foundation for making India Atmanirbhar in agriculture, ultimately leading to a more resilient agricultural system in the country.”

Dr. K. C. Ravi, Chairman, CropLife India

“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 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. The private sector can play a major role in this effort.

The agrochemical sector was also expecting schemes such as production linked incentive (PLI) scheme, income tax benefit of 200 percent weighted deduction on R & D and the rationalization of GST rates at par with other agri inputs.”

Preet Sandhuu, Co-founder & Chairman of AVPL International

“The government's recent budget is a visionary blueprint for India's economic growth, and AVPL International applauds the forward-thinking initiatives aimed at empowering the nation's youth. Our organization is committed to supporting this effort through specialized training programs for young women and girls in cutting-edge technologies like drones.

By investing in human capital, we are increasing the productivity of India's workforce, which is essential for sustaining long-term economic expansion. The partnership between public and private entities is critical in addressing the skills gap and ensuring that India's demographic dividend is leveraged effectively.”

Akshay Soni, Managing Partner, The/Nudge Centre for Social Innovation:

"Today, technology’s potential to unlock growth and impact the livelihoods of millions of rural poor in India is immense. One space which can greatly benefit from the diverse use cases of a tech-led ecosystem is agriculture. The Budget offered encouraging developments for a digital push in the sector, with the Government, in partnership with the states, committing to support the “implementation” of Digital Public Infrastructure in agriculture for coverage of farmers and their lands in three years. A few of the Budget’s outlined focus areas on agriculture – including “climate resilience, productivity and credit access” – can also significantly leverage cutting-edge technological interventions. We expect that such measures can help move communities forward, towards building a resilient and sustainable agricultural ecosystem in the country."

Dr. R G Agarwal, Chairman, Dhanuka Group

The per acre productivity of the Indian agriculture sector is much lower in comparison to many developed and developing nations. Investment in Research and Development as well as the adoption of advanced technologies, are essential for improving productivity. The budget for 2024-25 has tried to address both of these concerns. The decision to undertake a comprehensive review of the agriculture research setup and rope in the private sector for the same is a positive step in the right direction. The creation of Digital Public Infrastructure in agriculture is expected to benefit farmers & the nation significantly. It will also improve our image in the international market because, after computerization, we can protect the confidential information and data which is generated by Multinational Companies after their investment of thousands of crores of rupees. The technology, besides digitizing land records, will also help to provide better estimates of crop production and ensure timely action, if needed.”

Sanjiv Kanwar, Managing Director, Yara South Asia

"We welcome the Union Budget's strong emphasis on agriculture, particularly its aim to bolster productivity and resilience. The commitment to releasing climate-resilient crop varieties, alongside the establishment of bio-research centres, demonstrates a commendable commitment to the long-term health, sustainability, and resilience of Indian agriculture. The budget provisions for agriculture and allied sectors provide a solid foundation for these initiatives.

The attention given to pulses and oilseeds, along with the development of large-scale clusters near FPO centers and consumption centers, directly addresses the need for a robust and efficient supply chain. These large-scale clusters around consumption centers will also help in efficiently reducing the carbon footprint of the agricultural supply chain. We are also pleased to see the government's commitment to digital public infrastructure, including the digital crop survey, which will contribute to greater transparency and data-driven decision-making in agriculture.

Furthermore, we applaud the budget's commitment to facilitating higher participation of women in the workforce. We believe this focus will have a particularly positive impact on agriculture, where empowering women is crucial for a thriving agriculture sector. Increased opportunities for women in areas such as agricultural entrepreneurship, technology adoption, and leadership roles will benefit the entire industry.

We are particularly encouraged by the budget's emphasis on enhancing the ease of doing business in India under Jan Vishwas bill 2.0. Streamlining regulations and creating a more conducive environment for businesses will be crucial for attracting investment and driving growth in the agricultural sector. This union budget lays a strong foundation for a future where Indian agriculture is both prosperous and sustainable."

Hemant Sikka, Co-Chair, FICCI, National Agriculture Committee and President – Farm Equipment Sector, Mahindra & Mahindra Ltd.

“Budget 2024 balances fiscal prudence with growth and sets the tone for the next wave of reforms for the growth of the country. It facilitates all the key elements to sustain high growth of Viksit Bharat and primarily that of the agri economy, with a focus on the country’s youth, its farmers, women and the weaker sections of society. This is in the areas of skilling, employment and higher education. With a 4% increase in allocation for rural development at Rs. 2.66 lakh crore, and a 5% YoY increase in allocation for agriculture and allied sector of Rs. 1.5 lakh crore, this budget will strengthen the 'Annadata' – our farmers, the backbone of our nation, while providing a much needed fillip for growth of the overall economy.”

Narinder Mittal, Country Manager & Managing Director – CNH India & SAARC

“With its focus on farmers, this forward-thinking budget is set to enhance the livelihoods by promoting sustainable practices, boosting productivity, and developing digital and financial infrastructure. By introducing 10 million farmers to natural farming techniques and emphasizing on agricultural research will help develop climate resilience for a more secure future. Furthermore, the three-year plan and framework for digital infrastructure will benefit farmers with access to vital information, such as weather forecasts, crop advisory services, and market prices. This will enable informed decision-making, better crop management, and increased financial resources for investing in advanced farm equipment and precision technology, driving growth, productivity, and crop quality.”

Vinod Kumar, MD & CEO - National Bulk Handling Corporation Pvt. Ltd. (NBHC)

“Budget 2024-25 is a balanced, fiscally responsible, and capital expenditure-led growth-orientated budget focusing on Green Growth, Agriculture, and Employment Generation. The overall allocation of Rs. 1.52 lakh crore towards Agriculture and Allied Sectors is a significant boost for the sector. Introducing 10 million farmers to natural farming practices in the next two years to reduce dependency on chemical fertilizers and pesticides is aimed at long-term sustainable growth in the agriculture sector.

Comprehensive review of Agricultural Research with focus on developing climate-resilient varieties in agriculture by releasing 109 new high-yielding, climate-resilient varieties for both field and horticulture crops is a step in the right direction. Additionally establishing 10,000 need-based bio-input centres to strengthen the production, storage, and marketing of oilseeds will pave the way for reducing country’s dependence on import to some extent.

Budget has also given a lot of impetus to Digitization of public infrastructure including the digitization of cadastral maps and also creating a framework for farmers to provide them access to vital information, such as weather forecasts, crop advisory services, and market prices is a welcome step.

The proposed digital crop survey for Kharif in 400 districts in FY25 will enable the govt for better crop estimation which in turn will help to take corrective measures to contain the price hike. The development of Large-scale clusters for vegetable production closer to major consumption centres may lead to the arrest of the price volatility in vegetables.”

Dr Anish Shah, President, FICCI

“FICCI congratulates the Hon’ble Finance Minister for delivering a growth-oriented budget that has delivered both short-term demand stimulus and actions focused on medium to long-term growth imperatives, while maintaining fiscal discipline. The budget is inclusive, with a strong thrust on quality job creation and skilling. It also strikes a balance between agriculture and manufacturing, with elements of services.”

There is continuity in policy announcements. The focus on simplification and ease of doing business, boost to manufacturing, focus on research and innovation, thrust on public capex, use of technology, support to women, farmers and MSMEs, and promoting sustainability are the key themes that resonate once again in this Union Budget proposals.

“The focus areas of the budget are very much in line with the FICCI’s key priorities for the industry and we are happy to note that many of FICCI’s suggestions have been considered in this budget, as seen in the proposals for accelerating agriculture research, enhancing participation of women workforce in manufacturing, factor market reforms for improving manufacturing competitiveness as well as measures to promote green economy.”

Rohit Nagdewani, Founder, Fresh From Farm

“The comprehensive review of the agricultural research setup, as announced by Ms. Sitharaman, is a monumental step towards transforming Indian agriculture. I believe that the focus on raising productivity and developing climate-resilient varieties will significantly address the challenges faced by our sector. The inclusion of funding in challenge mode, extended to both the private sector and domain experts, ensures that innovative solutions will be developed and implemented effectively. This initiative will not only enhance crop production but also fortify our efforts in cultivating resilient varieties of fruits, ensuring sustainability and growth for the future.”

Pradeep Palelli, Co-Founder & CEO of Thanos Technologies

"At Thanos Technologies, we truly appreciate the government's focus on enhancing productivity and resilience in agriculture in Budget 2024. As an Indian drone manufacturing company, we are elated to hear about the allocation of ₹1.52 lakh crore to the agriculture and allied sectors. This substantial investment not only boosts rural development but also potentially increases the demand for advanced technologies, including agricultural drones, to ease farmers' work. The activation of Kisan credit cards in five states further empowers farmers with access to financial resources and advanced farming solutions. These initiatives align perfectly with the Government's and our 'Make in India' vision, and will undoubtedly stimulate domestic drone production for agricultural applications. We are eager to contribute to this vision by developing innovative drone solutions that can revolutionize farming practices and support the growth of rural economies."

Ajai Rana, Chairman, Federation of Seed Industry of India (FSII) & CEO & MD Savannah Seeds

“The seed industry welcomes the budget 2024-2025, which has allocated Rs 1.52 lakh crore to the agriculture and allied sectors, marking an increase from the Rs 1.25 lakh crore allocated in 2023. This budget has rightfully kept farmers at its core, identifying agriculture and its allied sectors as a top priority among the nine key focus areas. The emphasis on Productivity and Resilience in Agriculture highlights a strategic direction to strengthen the sector.

The push towards agricultural research in India is a significant concern for the seed industry. The Honorable Finance Minister has addressed this concern by announcing 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.

Moreover, the announcement of the release of 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops is a monumental step. This landmark initiative will address the detrimental effects of droughts and floods on agriculture, safeguarding farmers from crop losses and ensuring food security and stable incomes. Introducing these resilient crop varieties will support farmers through innovative agricultural practices.

India's agriculture sector has recently emphasized the need to achieve self-sufficiency in oilseeds and pulses. 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 strengthening domestic production.

The launch of the fourth phase of the Pradhan Mantri Gram Sadak Yojana aims to significantly boost rural connectivity, thereby fostering rural prosperity and attracting substantial capital, particularly Foreign Direct Investment (FDI), in the agriculture sector. The government's steadfast commitment to facilitating the implementation of Digital Public Infrastructure (DPI) in agriculture, in collaboration with states, will modernize the sector and enhance its efficiency. Integrating the details of 6 crore farmers and their lands into centralized farmer and land registries will streamline agricultural management and support systems.

However, cotton should have also been included in this mission. A dedicated cotton technology mission is crucial 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% IT deduction that the industry has been advocating for would have been beneficial & is a miss in the budget.

The budget 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.”

Harsh Vardhan Bhagchandka, President IPL Biologicals

The PM’s Vision-2047 for a Viksit Bharat cannot be achieved without the focus on Agriculture. We are happy to note that the Hon’ble Finance Minister listed 9 government priorities, with Agriculture Productivity being on the top. The allocation of ₹1 lakh crore for private sector innovative R&D and commercialization support shall help in bolstering an environment of innovation and progress. The government’s initiative to review the agriculture research setup shall help us focus more on products that increase productivity and developing climate-resilient varieties will drive innovation and efficiency in the sector. 

Additionally, the attractive Employment Linked Incentive (ELI) scheme and the withdrawal of the angel tax is a positive step that will encourage more investment and growth in the sector.

IPL Biologicals is committed to developing advanced biological products that support resilient and sustainable farming practices. The initiative of government will develop 1 crore “natural” farms supported by certification and branding, will pave the way for a more eco-friendly and sustainable agricultural landscape. This, coupled with the establishment of 10,000 need-based bio-input resource centers, will provide a robust support system for farmers transitioning to natural and organic farming methods.

We look forward to contributing to and supporting these initiatives, continuing our commitment to transforming agriculture through biological innovations."

Arun Alagappan, Executive Chairman, Coromandel International Limited

“With agriculture remaining the backbone of the Indian economy, we welcome the Union Budget’s emphasis on ensuring food security, strengthening rural economy, as well as building resilience and productivity in agriculture. The proposed comprehensive review of the agricultural research setup to focus on improving productivity and developing climate resilient crops will lend an impetus to ensuring that Indian agriculture can withstand climate impact. The initiative to bring together experts from both the government and the private sector will lend a much-needed fillip to the R&D in the agri sector.

The government’s commitment to get 1 crore farmers into organic farming and promote large-scale horticulture production in the next two years will significantly increase agricultural productivity and sustainability. The establishment of the proposed 10,000 need-based bio-input resource centres will help in making natural farming more accessible to Indian farmers. Furthermore, the emphasis on strengthening the production, storage, and marketing of pulses, along with financing for shrimp farming, showcases a holistic approach to supporting diverse agricultural activities. The allocation of ₹1.52 lakh crore for agriculture and allied sectors is a clear indication of the government's dedication to transforming this critical sector.

Technology has been transforming agriculture, and the government’s plan to implement digital crop survey for kharif crop in 400 districts as well as the release of 109 weather resistant seeds, will drive innovation and efficiency in farming practices. Coromandel International Limited remains keen to implement these policies which have furthered our commitment to increase agricultural productivity and support farming community.”

Amit Patjoshi, CEO, Palladium India

“The Union Budget 2024 for agriculture is a game-changer! With a whopping Rs 2 lakh crore package for agriculture and allied sectors, it promises to revolutionize the industry.  The comprehensive focus on productivity and resilience in agriculture addresses many of the long-standing challenges faced by farmers. By introducing one crore farmers to natural farming, not only will the budget promote environmentally friendly practices, but it will also help reduce input costs and increase profitability for farmers. Certification and branding support will enable these farmers to access better markets and secure higher prices for their produce. Moreover, the emphasis on achieving self-sufficiency in pulses and oilseeds is a strategic move to reduce India's dependency on imports, ensuring food security and price stability. The enhanced efforts in production, storage, and marketing will strengthen the entire value chain, benefiting farmers and consumers alike. Also, the establishment of 10,000 need-based Bio Resource Centres will serve as hubs of innovation, providing farmers with access to the latest technology, best practices, and support services. These centres will play a crucial role in promoting sustainable agricultural practices and improving the overall efficiency of the sector.”

Raju Kapoor, Director, Industry & Public Affairs, FMC India

“The government has presented a forward-looking and growth-oriented budget that rightly prioritizes the transformation of Indian agriculture. The comprehensive review of agricultural research focusing on productivity and climate resilience is a much-needed step. We are also encouraged by the government's commitment to involve the private sector and domain experts to further enhance this endeavor, fostering a collaborative approach towards agricultural innovation and building a larger innovation ecosystem.

The introduction of 109 new high-yielding and climate-resilient varieties of 32 field and horticultural crops further showcases the government's dedication to providing farmers with the support they need to thrive in the changing environment. Similar efforts are needed to make the expedited availability of modern agricultural inputs to enhance productivity. The digital public infrastructure for agriculture in partnership with States, integrating 6 crore farmers and their land into a digital registry will increase transparency and also democratize access to digital services. This will last lay a strong foundation for precision agriculture. The government’s vision of developing vegetable production closer to consumption centers and promoting FPOs, cooperatives, and startups for efficient supply chains is likely to benefit both farmers and consumers. It is encouraging to see the government’s increased focus on ease of doing business with Jan Vishwas bill 2.0 which will strengthen FDI in agriculture and also help in modernizing the agriculture sector with technology and R&D. Further decriminalisation of minor offences may be ensured even in the Insecticides Act 1968. The initiative to open 1000 ITIs is a timely initiative. Relevant centres of ITIs must start drone pilot training and maintenance as an option to feed the skill et needed to grow the drone led agricultural economy.

Overall, this budget has laid a strong foundation for a more resilient, productive, and sustainable agricultural sector in the country. We remain committed to partnering with the government in its endeavor to transform Indian agriculture and improve farmer livelihoods and the country’s food security."

Kishan Karunakaran, CEO of Buyofuel

“This Union Budget once again underscores the commitment to achieving Vikisit Bharat 2047, with energy transition being a top priority. The interim budget's financial assistance has significantly benefited the biofuel industry by simplifying the complex biofuel supply chain and generating increased interest in the sector. This budget emphasizes India's energy mix, focusing on other clean energy sources, which highlights the government's dedication to environmental sustainability. If appropriate regulations for transitioning the hard-to-abate sectors are outlined, we can anticipate substantial governmental support to solidify our energy transition efforts. Additionally, the policies focusing on rooftop solar, nuclear R&D, and AUSE technology in thermal power plants demonstrate India's unwavering commitment to energy independence. The energy transition is set to play a crucial role in our nation's progress."

Sanjeev Agrawal, President, PHDCCI

“Large scale focus on agriculture sector with an allocation of Rs 1.52 lakh crore will enhance farmers income, strengthen rural demand and accelerate agricultural productivity, among others.”

Hiren Doshi, General Manager at SatSure

“The Union Budget 2024-25’s focus on Digital Public Infrastructure (DPI) and increasing penetration of Kisan Credit Cards (KCC) marks a significant step towards a resilient and productive agricultural sector. By digitizing crop surveys across 400 Districts and expanding access to financial support, we are paving the way for sustainable growth, self-reliance & healthy financial inclusion.

The Government's commitment to implementing the Digital Public Infrastructure in agriculture is a transformative step towards modernizing agricultural financing. As Union Finance Minister Smt. Nirmala Sitharaman highlighted, this initiative will leverage digital crop surveys and integrate the details of 6 crore farmers into registries. By doing so, initiatives like Jan Samarth-based Kisan Credit Cards will drive greater financial inclusion, empowering farmers with the resources they need for sustainable growth. Having been part of some of these initiatives over the last 24 months, we are excited to continue supporting such initiatives to make India a powerhouse in Global food systems."

Deepak Bharadwaj, Co-Founder and Director IoTechWorld Avigation

"We at IoTechWorld welcome the Modi 3.0 government's transformative budget, emphasizing agricultural research and innovation. The comprehensive review of the farm research setup to develop climate-resilient crop varieties is a crucial step towards sustainable agriculture. The push for natural farming, with plans to initiate one crore farmers, aligns with our mission of promoting eco-friendly practices. The introduction of a digital crop survey in 400 districts marks a revolutionary stride in leveraging technology for precision farming. We at IoTechWorld is dedicated to provide technologically advanced solutions to enhance agricultural output. Through Agribot drones from IoTechWorld in farm spraying, increasing crop yields and farm productivity, and surveillance drones for research and survey, we are excited to support these initiatives. "

Dr. Ashish Agarwal, Co-Founder & CTO, Weather Risk Management Services (WRMS)

"Budget 2024-2025 marks a significant milestone towards a thriving and innovative agritech future, with a strong emphasis on climate resilience and adaptation. The introduction of 109 high-yielding, climate-resilient crop varieties and the comprehensive review of agricultural research for climate-smart seeds are substantial advancements for the sector.

The budget’s allocation of Rs 2.66 lakh crore for rural development and the promotion of digital infrastructure aligns well with our objectives. The focus on natural farming and the goal to engage one crore farmers in the next two years further supports sustainable agriculture.

Additionally, the budget underscores the importance of collaboration among the government, private sector, and research institutions to drive innovation and scalable solutions. To fully harness this progress, increased investments in IoT, AI, and data analytics are crucial. These technologies will enhance climate risk assessment and response, providing real-time data and predictive insights to improve climate adaptation strategies and ensure more effective interventions.”

Dr, Aman Mittal, Vice President, LPU

"The government’s provision of ₹1.52 lakh crore for agriculture and allied sectors marks a significant step toward enhancing the country’s agricultural landscape. The establishment of 10,000 bio-research centers and the initiation of 1 crore farmers into natural farming with robust branding and certification over the next two years will foster sustainable practices. Developing large vegetable production and supply clusters closer to consumption centers and providing financial support for shrimp breeding through NABARD will strengthen the supply chain and boost exports. The introduction of Kisan Credit Cards in five states, the release of 109 varieties of 32 crops, and efforts to ensure self-sufficiency in pulses and oilseeds underscore the commitment to empowering farmers and ensuring food security"

Anoop Kumar Upadhyay, co-founder and Director IoTechWorld Avigation

"The budget 3.0 shows the government focus in developing a sustainable agricultural infrastructure. The emphasize on agricultural research and innovation by government and announcement of the farm research setup to develop climate-resilient crop varieties is a crucial step towards sustainable agriculture. The extension of the Pradhan Mantri Garib Kalyan Anna Yojana for five years, benefiting over 80 crore people, reflects the government's commitment to the welfare of the underprivileged. The approval of Rs 1.52 lakh crore for agri and allied sectors underscores the dedication to empowering our 'annadata.' Through Agribot drones from IoTechWorld in farm spraying, increasing crop yields and farm productivity, and surveillance drones for research and survey, we are excited to support these initiatives. Our advanced agritech solutions are designed to foster a resilient and prosperous agricultural landscape in India. Drones help increase the efficacy of organic insecticides and fertilizers, enhancing sustainable farming practices"

Vimal Kumar Alawadi, Managing Director, Best Agrolife Ltd  

“The Hon’ble Finance Minister must be congratulated for the Budget’s compassionate vision with its focus on the poor, women, youth and farmers. Since climate change has been impacting agricultural output, it requires a sustained emphasis to shift Indian farming from its reliance on rains to an irrigation-led ecosystem. Accordingly, the FM mentioned that the Budget’s key priorities include productivity and resilience in agriculture. With this in mind, the decision to opt for a comprehensive review of India’s agricultural research setup to create climate-resilient varieties and boost productivity will benefit domestic food security. Plans to release 109 new high-yielding, climate-resilient seeds for 32 field/horticulture crops are also commendable, as is the move to promote increased production via large-scale vegetable production clusters as well as the use of treated water for irrigation.

The move to initiate 10 million farmers into natural farming over two years is also welcome, although one should not overlook the key role of reliable agrochemical products in safeguarding crops to boost productivity. Other beneficial measures include the proposed partnership between the Centre and the states to advance digital public infrastructure for agriculture; strengthening the production, storage and marketing of pulses and providing finance for shrimp farming/marketing, among others. However, one was hoping for a higher capex allocation that would have been an increase on the interim Budget outlay of Rs11.11 lakh crore, which equates to 3.4% of the GDP. Here, the FM choose to maintain the status quo. Nevertheless, the overall measures announced should give a fillip to the agriculture industry and allied segments.”

Pallavi Dinodia, Co-Chair of Direct Tax Committee, PHDCCI

“Digitizing land records in India aims to streamline property transactions, reduces fraud, and enhances transparency. It ensures accurate and accessible records, aiding in dispute resolution and efficient land management. This modernization will promote economic growth by facilitating investments and development projects, ultimately empowering landowners with secure and reliable documentation.”

Ankur Aggarwal, Managing Director of Crystal Crop Protection Limited

"We welcome the government's allocation of Rs. 1.52 lakh crore for the agri and allied sectors. The introduction of 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops is a significant step forward for our farmers community. The comprehensive review of agricultural research, led by domain experts, will ensure the effectiveness and relevance of developing climate-resilient seeds. Additionally, the promotion of digital public infrastructure for agriculture in partnership with states is a forward-thinking initiative. At Crystal Crop Protection Limited, we are ready to support and contribute to these efforts, believing they will significantly enhance productivity, ensure food security, and strengthen our agricultural sector against climate change."

Madhur Singhal, Managing Partner, Chemical and Agriculture, Praxis Global Alliance 

The focus on developing high-yielding and climate-resilient crop varieties is a monumental step for our agricultural sector. The introduction of 109 new varieties of field and horticultural crops will revolutionize productivity and sustainability for our farmers, making us more resilient in the face of climate challenges. The government's commitment to enhancing natural farming practices by supporting 1 crore farmers is a forward-thinking approach that aligns with our industry's goals for sustainable agriculture."

"The establishment of 10,000 bio-input resource centers will empower our farmers with the tools and resources needed to transition to more organic and sustainable farming methods. These initiatives underscore the government's dedication to ensuring food security and self-reliance in oilseed production, a crucial aspect for India's agricultural landscape." 

1. "The 2024-25 budget’s robust allocation of ₹20 lakh crore for agricultural credit reaffirms the government's dedication to strengthening the agricultural sector. This investment is set to provide farmers with the financial support needed to enhance productivity and ensure food security."

2. "The budget's focus on promoting natural farming techniques and sustainable practices represents a forward-looking approach to agriculture. By integrating traditional wisdom with modern innovation, the government is paving the way for a greener and more resilient agricultural sector."

3. "With increased funding for agricultural infrastructure and rural development, the budget addresses critical needs in the agricultural sector. This support will not only boost productivity but also improve the overall quality of life for farmers and rural communities."

4. "The emphasis on expanding irrigation facilities and improving crop insurance schemes underscores the government’s commitment to mitigating risks and enhancing agricultural resilience in the face of climate change and market fluctuations."

5. "The budget’s provisions for agricultural technology and research signify a significant push towards modernizing farming practices. This investment in innovation is expected to drive efficiency and sustainability, positioning India’s agriculture for long-term growth."

SK Chaudhary, Founder Director, Safex Chemicals Ltd

“The Union Budget is quite progressive for the agriculture sector. The abolition of the Angel Tax is a visionary step that will significantly empower startups, catalyzing innovation and growth within the agricultural sector. This, along with the comprehensive review of agricultural research, announces a new era of productivity and climate resilience. The introduction of the National Cooperation Policy promises a structured and inclusive development of the cooperative sector, which is crucial for the collective progress of our farming communities.

The release of 109 new high-yielding and climate-resilient crop varieties is a testament to the government’s foresight in fortifying our food security amidst changing climatic conditions. The push towards Atmanirbharta in oilseed production reflects a strategic move towards self-reliance and a reduced import burden.

We are also inspired by the government’s commitment to natural farming, with plans to initiate 1 crore farmers into this practice and establish 10,000 bio-input resource centers. The establishment of a Digital Public Infrastructure for agriculture will revolutionize the way we approach farming, with digital crop surveys and the issuance of Kisan Credit Cards under the Jan Samarth initiative paving the way for a tech-enabled agricultural landscape.”

Sneha Singh, Acting Managing Director, GFI India

"We commend the government's continued dedication to advancing agriculture and food processing, as reflected in the latest budget. The focus on raising productivity and developing climate-resilient crop varieties, including the introduction of 109 new crop varieties, is a significant stride towards sustainable agricultural practices. 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. These initiatives will not only enhance food security but also bolster agricultural sidestreams and help localise and accelerate the alternative protein sector.

The allocation of substantial funds for skilling and employment, especially in the agri-tech and food-tech sectors, along with the skilling initiative in collaboration with State governments and Industry through ITIs is particularly relevant to plug in talent gaps for the smart protein sector’s emerging needs. Continued support for entrepreneurship, particularly through schemes benefiting MSMEs and start-ups, is a promising move that will drive growth and innovation in smart proteins, especially cultivated and fermentation-derived proteins"

Shashi Kant Singh, Partner -Agriculture, PwC India

“Union Budget has laid down a clear path for ensuring sustainable growth of the agriculture sector. Allocation in excess of INR 1.5 lakh crore, coupled with a clear focus on productivity and resilience, provides a much-needed thrust to the sector. Significant emphasis has been given to climate and productivity-responsive research and use of technology. A dedicated National Cooperation Policy is a welcome step, and will positively impact the agrarian and rural economy. New models of collaborative research involving the private sector exemplify the government’s steadfast commitment towards agricultural transformation. A strategic approach to strengthen the pulses and oilseeds sector gels well with the government’s self-sufficiency mission. In a nutshell, the budget has indeed tried to address the key aspects shaping the agriculture sector.”

Maninder Singh Nayyar, CEO and Founder, CEF Group:

"Today's announcements by the Finance Minister mark a significant step forward for India's agricultural sector. The comprehensive review of the agricultural research setup, aimed at increasing productivity and developing climate-resilient varieties, is a crucial initiative. This approach, combined with the expertise of domain specialists, will ensure that our farmers have access to the latest innovations and technologies. The continued focus on the agri-economy, with a substantial outlay of Rs. 1.52 lac crore, is indeed a credit-positive move, likely to stimulate rural demand and alleviate some of the distress caused by last year's monsoon failures. Initiating 1 crore farmers into natural farming with proper certification and branding will also play a pivotal role in promoting sustainable agricultural practices. At CEF Group, we are optimistic and ready to support these initiatives to build a stronger and productive agricultural ecosystem."

Priyam Patel, MD, NK Proteins Pvt Ltd

"The Union government has maintained a strong focus on enhancing agricultural productivity and resilience. The substantial allocation of Rs 1.52 lakh crore for agriculture and allied sectors underscores this commitment. Initiatives for self-sufficiency in pulses and oilseeds, particularly groundnut, sesame, and sunflower, are pivotal for Atmanirbharta in the edible oil sector. The emphasis on digital crop surveys and strengthening storage and marketing infrastructure will greatly benefit farmers, ensuring a robust and stable agricultural sector. These measures will significantly support the growth and stability of our industry, fostering sustainable development and economic growth."

Suhas Baxi, Co-founder and CEO of BioFuelCircle on the Sustainability sector

Dr. Sat Kumar Tomer, Founder & CEO, Satyukt Analytics

"The Union Budget's allocation of Rs 1.52 lakh crore for agriculture and associated sectors is a monumental step towards revitalizing our agricultural landscape. The initiative to develop a digital public infrastructure in collaboration with states will modernize the sector, enhancing efficiency and connectivity. The comprehensive review and transformation of agricultural research to focus on productivity and climate-resilient crop varieties are crucial in the face of climate change. With challenge-mode funding and private sector involvement, this initiative promises innovative solutions and sustainable growth. The implementation of Digital Public Infrastructure (DPI) within three years will ensure that farmers and their lands are comprehensively covered, leading to better resource management. Additionally, the operationalization of the Anusandhan National Research Fund for basic research and prototype development, along with mechanisms for private sector-driven innovation, marks a significant advancement in agricultural research and development. This budget lays a strong foundation for a resilient and forward-thinking agricultural sector."

Atul Chaturvedi, Executive Chairman, Shree Renuka Sugars Ltd

“The 2024 Union 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. The allocation of Rs 1.52 lakh crore to agriculture, along with new initiatives in research as well as roping in private sector is a welcome sign and will greatly benefit the sector. The budget’s emphasis on employment and skills development will help strengthen the economy. The government’s focus on energy transition is admirable, as it is a critical component in the fight against climate change. Overall, this budget is a positive step for India's growth and future.”

Mahesh Girdhar, Managing Director and CEO, EverEnviro Resource Management

“The Union Budget emphasizes productivity and resilience in natural farming as one of its nine priorities, with a significant allocation of Rs. 1.52 lakh crores towards agriculture and allied sectors. Further the establishment of 10,000 need-based bio-input resource centres, and the initiation of 1 crore farmers into Natural Farming, further enhance prospects of sustainable agricultural development across the nation.

Compressed Biogas (CBG) plants produce Fermented Organic Manure (FOM), a vital component for soil health that can be used as an eco-friendly fertilizer to promote regenerative agriculture. This renewed focus of the Government of India on developing the agro-industry presents a remarkable opportunity for all players, including us, to strengthen our contribution to India’s economic development

At EverEnviro, we welcome the special focus on sustainable and resilient agriculture and energy security. The budget presents a promising roadmap towards available, accessible, and affordable energy transition. These initiatives will greatly boost the Compressed Biogas sector’s growth, allowing us to play a pivotal role in driving India towards a more sustainable future.”

Priyam Patel, MD, NK Proteins Pvt Ltd

"The Union government has maintained a strong focus on enhancing agricultural productivity and resilience. The substantial allocation of Rs 1.52 lakh crore for agriculture and allied sectors underscores this commitment. Initiatives for self-sufficiency in pulses and oilseeds, particularly groundnut, sesame, and sunflower, are pivotal for Atmanirbharta in the edible oil sector. The emphasis on digital crop surveys and strengthening storage and marketing infrastructure will greatly benefit farmers, ensuring a robust and stable agricultural sector. These measures will significantly support the growth and stability of our industry, fostering sustainable development and economic growth."