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Thursday / July 18. 2024
HomeAgroPolicyBudget 24 demonstrates a promising path forward for tech-driven agritech initiatives: Agritech industry

Budget 24 demonstrates a promising path forward for tech-driven agritech initiatives: Agritech industry

Union Finance Minister Nirmala Sitharaman presented the interim Union Budget for forthcoming financial year (2024-25) in the parliament.FM announced schemes and special programmes for the various sectors of agriculture. Agritech industry has appreciates the budget 24 for promoting innovation in the agricultural sector, all of which are crucial for elevating farming practices, mitigating post-harvest losses, and securing a more prosperous future for Indian agriculture.

Anuj Kumbhat, Co-Founder & CEO, WRMS said, “The interim budget 2024 reflects a commendable commitment to supporting our ‘Annadata’—the farmers, who are the backbone of our nation. The allocation of direct financial assistance to 11.8 crore farmers through PM-KISAN SAMMAN Yojana, along with crop insurance for 4 crore farmers under PM Fasal Bima Yojana, underscores the government’s dedication to safeguarding the agricultural community. The emphasis on value addition in the agricultural sector and efforts to boost farmers’ income is a welcome step that aligns with the broader goal of enhancing food production for our country and the world.

The success of initiatives like Pradhan Mantri Kisan Sampada Yojana, benefiting 38 lakh farmers and creating 10 lakh employment opportunities, showcases the positive impact of strategic policies. Additionally, the Pradhan Mantri formalisation of Micro Food Processing Enterprises Yojana, aiding 2.4 lakh SHGs and sixty thousand individuals with credit linkages, demonstrates a holistic approach towards uplifting the rural economy.

Overall, the budget’s focus on reducing postharvest losses, improving productivity, and augmenting farmers’ incomes reflects a comprehensive strategy to strengthen the agricultural sector, ensuring sustainable growth and prosperity for our ‘Annadata.’

Amandeep Panwar, Co-Founder & Director, BharatRohan – Agri-tech Drone Startup opined, “This budget represents a resolute commitment to empowering youth, fostering sustainability, and promoting innovation in the agricultural sector, all of which are crucial for elevating farming practices, mitigating post-harvest losses, and securing a more prosperous future for Indian agriculture.

Rs 20-lakh crore allocation for targeted agricultural credit and the launch of the Agriculture Accelerator Fund are commendable. They ensure vital financial support for farmers to adopt new technologies and improve their farming practices, while also being equally promising for driving rural innovation and supporting agritech startups. I believe this budget announcement demonstrates a promising path forward for Indian agriculture and technology-driven agritech initiatives. “

Alekh Sanghera, Co-founder and CEO, FarMart said,“Budget 2024-2025 is a great step towards a promising and bountiful agritech future. The budget provisions strengthened agriculture value chains through food processing infrastructure, minimized wastage and crop insurance. We, at FarMart, echo the vision of PMKSY & PM-FME, bridging the farm-to-fork gap. Better market access and post-harvest management empower smallholders with sustainable income. We are aligned with the government’s vision to boost productivity and farmer welfare through incentives around credit access, infrastructure, and public-private collaboration. This budget fuels India’s agritech ecosystem, ensuring local and global food security.”

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