Food

Paving the Way for Agricultural Transformation in Union Budget 2024-2025

The Union Budget 2024 has brought forth substantial measures to revolutionize the agriculture sector, focusing on sustainable practices, infrastructure development, and farmer welfare. The budget has allocated ₹1.52 lakh crore to enhance agricultural productivity and rural demand.

Abhay Parnerkar, CEO, Godrej Tyson Foods Ltd, expressed his optimism, stating, “The Union Budget’s emphasis on agricultural development, particularly the creation of large-scale vegetable production clusters, is a significant step forward in strengthening the country’s food value chain. This initiative aligns perfectly with our vision of a robust and sustainable food ecosystem. Additionally, the focus on natural farming is commendable and will undoubtedly contribute to the overall health and well-being of our nation with enriched farm to table experiences for consumers. We are optimistic about the potential of these initiatives to enhance food security, improve farmers’ livelihoods, and drive economic growth. I also firmly believe the growth in frozen food category will reduce wastage and nutrition loss in the food value chain.”

Prem Kumar Vislawath, CEO and Founder, Marut Drones, highlighted the budget’s commitment to innovation in agriculture, “The allocation of ₹1.52 lakh crore for agriculture and allied sectors by the finance minister underscores a pivotal commitment to bolstering India’s agricultural resilience.

The emphasis on developing climate-resistant varieties and introducing 109 new high-yielding varieties is a forward-looking stride towards sustainable agriculture. Additionally, the promotion of farmer producer organizations, cooperatives, and startups heralds a new era of inclusive growth and innovation in the agricultural sector. Exempting lithium imports from customs is a bold step demonstrating India’s commitment to strengthening the drone manufacturing sector. Lithium, crucial for drone battery production, will now bolster domestic drone manufacturing, underlining the government’s support for this industry. The abolition of the Angel Tax for investor classes is a significant boost for startups, affirming the government’s unwavering support for entrepreneurship and fostering a conducive investment environment. However, we look forward to enhanced subsidies on agricultural machinery, including drones, as a critical step towards modernizing our farming practices.”

Prateek Rastogi, Co-Founder & CEO of Greenday, underscored the budget’s impact on climate-resilient agriculture, “The 2024 budget further strengthens the government’s commitment to agriculture and startups, with a significant focus on climate-resilient agriculture. This is a tremendous boost for biofortified varieties, which are the beacon of hope for climate resilient farming. The emphasis on agricultural research is particularly exciting for us at Greenday. Our mission to enhance the nutritional value of food while supporting farmers is closely aligned with these initiatives. This will help us create nutrion dense and climate resilient farms that meet the growing demand for sustainable and nutritious food.
The removal of the angel tax and the major push for agri startups make this an ideal time for investors to dive into this sector. The budget’s increased allocation for agricultural infrastructure and support for innovation will drive remarkable growth over the next five years. For Greenday and our Better Nutrition brand, this budget provides the perfect environment to scale operations and bring more innovative products to market. We are helping farmers create and market differentiated varieties, which is essential for improving food security and nutrition. The focus on digital infrastructure and ease of doing business is another significant win for startups. Streamlined processes and better connectivity will enable us to reach more people, faster. It’s an exciting time to be in the agri-tech space, and we’re eager to leverage these new opportunities to drive growth and create lasting change. Overall, the 2024 budget lays a strong foundation for innovation and growth in agriculture and startups. It’s a pivotal moment, and I’m optimistic about the future it promises for companies like Greenday.”
The article was curated by Prittle Prattle News as an industry story.
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