Budget 2022-23: Agriculture, Agri-tech, Farming Sector Reactions

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Agritech & Agriculture market reactions on Budget 2022-23: As Finance Minister Nirmala Sitharaman on Tuesday made an announcement outlining the economic growth for India over the next 25 years. 

Here’s what the Agri-tech & agriculture sector are saying about the Union Budget 2022:

Jinesh Shah, Managing Partner, Omnivore:

The Union Budget for 2022 is steering the country into a greener future. Acknowledging the impact of global warming, the rising cost of cultivation and concerns around human and planetary health, sustainable agriculture has been pushed to the centre stage. It is an important step towards climate-proofing Indian agriculture and securing the livelihoods of millions of smallholders in the country. A blended capital fund under NABARD is also interesting as it can provide the FPOs with much-needed assistance. Keeping up with the times, the government’s support for drone use in agriculture and stressing the role of startups in facilitating ‘drone shakti’ is a great leap forward for driving precision farming at scale. I congratulate the Hon. FM for delivering a balanced budget that addresses the current challenges in the economy.

Abhishek Negi, Co-Founder, Eggoz:

Finance Minister Nirmala Sitharaman has taken a host of measures in the Union Budget 22-23 to boost up the economy and the initiatives made towards the agriculture and allied sectors are expected to create a multiplier effect on Agri start-ups. Logistics plays an important role in the growth and survival of agro-businesses, especially the timely shipping of perishable food items. As FM announced that Indian Railways will develop new products for small farmers and MSMEs, many transportation issues of agro-businesses seem to be resolved soon. Also, initiatives like a fund with blended capital under the co-investment model through NABARD to finance start-ups in agriculture and rural enterprises for farms will help to add value to their products.

Ranjith Mukandan, CEO & Co-founder of Stellapps:

“It is heartening to see the government acknowledge the importance of digitization in agriculture and the role of startups in promoting the Indian agricultural sector in the budget. Technology adoption will be a game-changer in enabling smallholder Indian farmers to become agri-prenuers. Financing agri and rural enterprises through blended capital and promoting public-private partnerships for the delivery of digital services to farmers will be a boost to the burgeoning agtech sector.”

Anuj Kumbhat, Founder and CEO, WRMS:

The Union Budget 2022 has opened new ways of farm and grain procurement for FY23 with an allocation of Rs 2.37 trillion. It also promotes chemical free natural farming to boost sustainable agriculture productivity and income of farmers that will help WRMS align its services better and explore our utmost potential while providing farmers with high-end sustainable agriculture services progressively throughout the country. The budget also brings in picture a comprehensive package of participation of state governments and MSMEs to help farmers adopt natural farming practices; tremendously helpful for us to promote sustainable agriculture at a better pace.

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