The only upside in the budget is that the proposed increase of agriculture credit is likely to increase the purchasing power of the farmers.
Being one of the key agri inputs sector, Agrochemical sector is disappointed with the Union Budget 2021-2022 as it does not support vision of “Make in India” and increasing Farmers’ Income, said Pradip Dave, President, Pesticides Manufacturers & Formulators Association of India (PMFAI).
Dave opined that , “The focus of the budget this year was on strengthening the healthcare system of India, which stemmed as a critical lesson of the pandemic. However, on the industry side, we do not have much for the agrochemical sector. The only upside is that the proposed increase of agriculture credit is likely to increase the purchasing power of the farmers, which will, in turn, become a factor of growth for the agrochemical sector. The MSMEs may benefit from the increase in customs duty and withdrawal of exemption on certain imports. But largely, this budget does not have much for us”
Add to support Atmanirbhar, PMFAI suggested an increase in customs duty on import 10 per cent to 30 per cent on import of ready-made pesticides formulation government has failed to protect & support Indian Pesticides industries. PMFAI appeal to reduce GST to 5 per cent from 18 per cent to help farmers also ignored, he further added.
