The review of agricultural research will ensure high productivity and development of climate-resilient varieties, which is a crucial step forward for seed industry.
Ajai Rana, Chairman, Federation of Seed Industry of India (FSII) & CEO & MD Savannah Seeds shared his views on the Union Budget 2024 presented by Finance Minister Nirmala Sitharaman.
The seed industry welcomes the budget 2024-2025, which has allocated Rs 1.52 lakh crore to the agriculture and allied sectors, marking an increase from the Rs 1.25 lakh crore allocated in 2023. This budget has rightfully kept farmers at its core, identifying agriculture and its allied sectors as a top priority among the nine key focus areas. The emphasis on Productivity and Resilience in Agriculture highlights a strategic direction to strengthen the sector.
The push towards agricultural research in India is a significant concern for the seed industry. The finance minister has addressed this concern by announcing a comprehensive review of the agricultural research setup. This review will ensure high productivity and development of climate-resilient varieties, which is a crucial step forward for our industry.
Moreover, the announcement of the release of 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops is a monumental step. This landmark initiative will address the detrimental effects of droughts and floods on agriculture, safeguarding farmers from crop losses and ensuring food security and stable incomes. Introducing these resilient crop varieties will support farmers through innovative agricultural practices.
India’s agriculture sector has recently emphasised the need to achieve self-sufficiency in oilseeds and pulses. In 2022-23, the country imported 165 million metric tonnes of edible oils. The announcement of a mission for pulses and oilseeds is a strategic move towards achieving self-reliance (Atmanirbharta), potentially saving India substantial amounts in import costs and strengthening domestic production.
The launch of the fourth phase of the Pradhan Mantri Gram Sadak Yojana aims to significantly boost rural connectivity, thereby fostering rural prosperity and attracting substantial capital, particularly Foreign Direct Investment (FDI), in the agriculture sector. The government’s steadfast commitment to facilitating the implementation of Digital Public Infrastructure (DPI) in agriculture, in collaboration with states, will modernise the sector and enhance its efficiency. Integrating the details of 6 crore farmers and their lands into centralized farmer and land registries will streamline agricultural management and support systems.
However, cotton should have also been included in this mission. A dedicated cotton technology mission is crucial to address the challenges faced by the cotton sector. Additionally, the budget missed providing tax benefits for the seed industry on research investments. Restoring the 200 per cent IT deduction that the industry has been advocating for would have been beneficial & is a miss in the budget.
The budget 2024-2025 reflects a comprehensive and progressive approach to strengthening India’s agriculture sector. The Federation of Seed Industry of India applauds these initiatives and looks forward to contributing to the nation’s agricultural advancement.
