Union Budget 2024| Farm industry hails 'forward looking budget', Tikait calls it 'empty-handed'

New Delhi: 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 Asia Pacific Partner and Consumer Industry leader, Rajeev Singh.

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."

Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.