Mixed Reactions to Union Budget 2024 in Agriculture Sector

The Union Budget 2024 has elicited a range of responses from the agriculture sector. Experts commend its focus on research and self-sufficiency, while some farmer leaders criticize it for not addressing key demands. Industry leaders highlight the importance of investment in climate-resilient crops and technology to boost productivity.

The Union Budget 2024 has garnered mixed responses from the agriculture sector, with industry experts lauding its emphasis on research and self-sufficiency, yet some farmer leaders have voiced their discontent.

Farm industry experts described the budget as 'forward-looking,' noting its push for agri-research and self-sufficiency in pulses and oilseeds. Nevertheless, Rakesh Tikait, a farmer leader from Bharat Kisan Union, criticized the budget for leaving farmers 'empty-handed' by not meeting crucial demands.

Ajay Jhunjhunwala, President of the Solvent Extractors Association of India (SEA), welcomed the national missions for edible oils, expressing hope that these initiatives would significantly reduce import dependence in the future. Conversely, Tikait raised concerns about funding the private sector for agri-research under the guise of climate change, fearing it would allow foreign lobby groups and big corporations to dictate the agenda.

Sneha Singh, Acting Managing Director of Good Food Institute India, praised the budget's focus on achieving self-sufficiency in pulses and oilseeds, which could reduce import reliance and open doors for value-added products. R G Agarwal, Chairman of the Dhanuka Group, observed that the budget addresses the dual issues of insufficient R&D investment and low crop yields.

Ashish Agarwal, Co-Founder & CTO of Weather Risk Management Services (WRMS), emphasized the need for greater investments in IoT, AI, and data analytics to maximize this progress. Primus Partners Managing Director Devroop Dhar noted that the farmer and land register initiative should be swiftly implemented nationwide.

Anand Ramanathan, Partner and Consumer Products Leader at Deloitte India, highlighted the benefits for the food processing sector, including missions for self-sufficiency in pulses, shrimp production, and vegetable production clusters. Simon Wiebusch, Vice Chairman, MD, and CEO of Bayer CropScience, pointed out that focus on climate-resilient crops and new technologies would enhance food security and self-reliance in critical areas like oilseeds.

Raju Kapoor, Director (Industry and Public Affairs) at FMC Corporation, described the budget as 'forward-looking' and 'growth-oriented,' aimed at transforming Indian agriculture. Atul Chaturvedi, Executive Chairman of Shree Renuka Sugars, commended the budget for its strong focus on agriculture and economic growth, highlighting the government's dedication to reshaping Indian agriculture and increasing productivity.

Shashi Kant Singh, Partner at PwC India, noted that the Union Budget has established a clear path for sustainable agricultural growth, with an allocation exceeding Rs 1.5 lakh crore and a strong focus on productivity and resilience. Rajesh Aggarwal, Vice Chairman of Crop Care Federation of India (CCFI), stated that by concentrating on productivity and resilience, the budget promises to transform the lives of farmers and bolster the overall economy.

(With inputs from agencies.)