In response to Finance Minister Nirmala Sitharaman’s interim budget proposals for 2024, stakeholders from the farming, agritech, and dairy sectors have voiced their opinions, reflecting a spectrum of reactions from commendation to cautious optimism.
Here is what they said:
Prashant Vasan, CEO, Madras Mandi
As Madras Mandi, we extend our appreciation for the government’s unwavering support to our ‘Annadata’ through key budgetary initiatives. The direct financial assistance under the PM-KISAN SAMMAN Yojana and the extensive coverage of crop insurance through PM Fasal Bima Yojana underscores a commitment to the well-being of our 11.8 crore farmers, including marginal and small farmers. The integration of 1361 mandis into the Electronic National Agriculture Market, with a trading volume of ₹3 lakh crore, aligns with our mission to modernize agricultural practices and empower 1.8 crore farmers.
The budget’s emphasis on farmer-centric policies, income support, risk coverage, and technology promotion resonates with Madras Mandi’s commitment to fostering a sustainable agricultural ecosystem. We applaud initiatives like Pradhan Mantri Kisan Sampada Yojana and Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, contributing to value addition, employment generation, and the reduction of post-harvest losses. Madras Mandi looks forward to actively participating in the government’s vision, leveraging private and public investment in post-harvest activities for aggregation, modern storage, efficient supply chains, primary and secondary processing, marketing, and branding. Together, we aim for inclusive, balanced, and higher growth in the agricultural sector.”
Anuj Kumbhat, Co-Founder & CEO, WRMS
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.’
Manoj Purohit, Partner & Leader – FS Tax, Tax & Regulatory Services, BDO India
The government has continued its support to farmers under the crop insurance facility and intends to further strengthen the same. This will ensure penetration and awareness around insurance in rural India thereby providing a boost to the insurance industry.
Atul Garg, MD, GRM Overseas
The integration of mandis into the Electronic National Agricultural Market signals a monumental step toward inclusive growth for our farmers. The government’s unwavering support for ‘Anna Datas’ through schemes like PM Kisan Samman Yojana and PM Fasal Bima Yojana showcases a commitment that resonates with the agricultural backbone of our nation.
The emphasis on value addition and income enhancement, as exemplified by schemes like Pradhan Mantri Kisan Sampada Yojana and PM Formalization of Micro Processing Enterprises Yojana, is truly uplifting. These efforts are not just about economic benefits; they represent a profound investment in the prosperity of our farming communities.
The focus on post-harvest activities and the promotion of private and public investments demonstrate a holistic approach to the agricultural sector’s development. As we look ahead, the expansion of the Nano DAP application and the Aatma Nirbhar Oilseeds Abhiyan instill confidence, aligning with our aspirations for a self-reliant and thriving agricultural landscape.
Anooshka Soham Bathwal, CEO & Founder, Dhanvesttor
This budget refrains from dramatic announcements; instead, it highlights past achievements and provides a clear vision for the future. It’s straightforward and no-frills. Notably, the integration of national agricultural markets, linking 1361 mandis with an average transaction of over three and a half crores per year, is a remarkable development. I expected the PM Samman Nidhi to go up but very boldly the government has maintained everything without being populist. Farmers now have the option to sell their produce without physically visiting the mandi, streamlining the process.
The ONDC network enriches the electronic national agriculture market, enabling farmers to sell at maximum retail price (MRP) rather than minimum support price (MSP), shifting towards a business-to-consumer (B2C) model and positioning agriculture as an industry rather than just a profession. Politically, the BJP party exudes confidence in a massive majority with a clear mandate, evident from the absence of populist proposals aimed solely at securing votes.
Karthik Jayaraman, Managing Director, WayCool Foods
The continuity of policy in supporting the food and agriculture sectors is encouraging. The new proposals of PPP Projects in post-harvest management and value addition will help unlock entrepreneurship and value in the supply chain. In addition, entrepreneurs and startups are keenly looking forward to understanding the details of the proposed soft loans for R&D programs. This will help create explosive growth by driving innovation and expediting reforms in sectors of national importance like food and agriculture.
Amit Patjoshi, CEO, Palladium India
We commend the government’s strong commitment to the agricultural sector evident in the Budget. The focus on value addition and income augmentation for farmers is pivotal, and the success of initiatives like Pradhan Mantri Kisan Sampada Yojana, benefiting 38 lakh farmers, is truly commendable.
The support extended through Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, assisting 2.4 lakh SHGs and 60 thousand individuals, reflects a holistic approach towards empowering the agricultural community. The emphasis on reducing postharvest losses and enhancing productivity aligns with the sector’s long-term sustainability.
Furthermore, the launch of schemes promoting climate-resilient activities for the blue economy 2.0 is a forward-looking step. This integrated and multi-sectoral approach for coastal aquaculture and mariculture, coupled with restoration and adaptation measures, holds promise for sustainable growth. Overall, this budget signals a positive trajectory for the agricultural sector, laying the foundation for a more resilient and prosperous future.
Dr. Sat Kumar Tomar, Founder & CEO, Satyukt Analytics
The Budget 2024 has resonated positively with the agriculture sector, aligning with our expectations for a technologically driven, sustainable farming approach. While the integration of IoT devices for precision farming wasn’t explicitly mentioned, the focus on farmers is evident. Crop insurance coverage for 4 crore farmers under the PM Fasal Bima Yojana ensures risk mitigation.
Additionally, the announcement of rooftop solarisation benefiting 1 crore households aligns with sustainable farming goals. The commitment to Direct financial assistance for 11.8 crore farmers under the PM Kisan Samman Yojana reflects a dedication to enhancing the 3Ps of agricultural business: productivity, predictability, and profitability. However, the industry was expecting more industry-centric announcements in this budget to further catalyze growth and innovation in the agricultural sector.
Ajit Venkataraman, MD, Finolex Industries Ltd
The farmer-centric initiatives like PM Kisan Samman Yojana and PM Fasal Bima Yojana showcase the government’s dedication to our ‘Anna Data’. Finolex Industries anticipates these initiatives to have a positive impact and looks forward to participating in these transformative initiatives, reinforcing our belief in a prosperous and empowered India by 2047.