Agriculture
Mr. Sanjiv Kanwar, Managing Director, Yara South Asia
“We welcome and commend the government’s focus on empowering poor, youth, women, and farmers through the interim budget announcement today. The increase in MSP for producers whenever required and the provision of basic goods has raised rural real income, which is a positive step towards ensuring the well-being of our farmers.
We are also pleased to see the government’s commitment to modernizing storage, supply chains, and branding in the farm sector, which will benefit both farmers and consumers. Overall, we believe that this budget will provide a much-needed boost to the agriculture sector and encourage private and public investment in post-harvest activities. As a company committed to sustainable agriculture practices, we believe that continued investment in this sector is crucial for the long-term growth and prosperity of our country.”
Mr. Raju Kapoor, Director, Industry & Public Affairs, FMC India.
“The interim budget balances the fiscal prudence with growth. It has outlined various proactive measures for the agri industry at large. The allocation of a Rupees 1 lakh crore corpus for a 50-year interest-free loan to private sector is poised to fuel R&D and innovation in India fostering a conducive environment for advancements. The continuity of the ‘PM Kisan Sampada Yojana’ will make available requisite investment at the hands of farmers to promote use of newer technologies in the form of advanced agri-inputs.
The emphasis on empowering women self-help groups with significant credit linkages will benefit in rural development and we resonate very well with it. The focus on minimizing post-harvest losses is crucial, and similarly we appreciate the decision to expand nano DAP usage across all agro-climatic conditions, which will undoubtedly catalyze the growth of drone applications in agriculture and improve fertilizer use efficiency. Investments to minimize the post-harvest infrastructure is a welcome step.
The announcement to prioritize Atmanirbhar Oilseeds Abhiyaan using newer technologies is a much-needed initiative to reduce dependence on food oil imports. The government’s focused effort to enhance dairy and fisheries productivity is welcome. The expansion of ‘Lakhpati Didi’ scheme’s target to cover 3 crore women will empower women at the grassroots level, contributing to the overall development of rural India.
The industry was also hoping for the introduction of a Production Linked Incentive (PLI) for ‘new-age’ agro chemicals, positioning India as a global exporter and addressing domestic opportunity. The government could have also rationalized GST on agro chemicals to 12 percent. Additionally, we anticipated tax incentives on R&D investments and extension activities by the industry would further encourage innovation in the sector. We remain optimistic about the positive impacts of the interim budget and look forward to collaborative efforts to addressing more concerns in the future.”
Manufacturing
Mr. Rohit Saboo, President & CEO, National Engineering Industries Ltd.
“The Interim Budget presented today highlights the government’s intent to continue its focus on inclusive and sustainable development. The government stands committed with a special emphasis on empowering the poor, women, youth, and farmers and is focused on driving policies that resonate with their aspirations.
As a responsible brand focused on implementing sustainability, we are pleased to see the government’s focus on promoting electric vehicles (EVs) which is a visionary step towards environmental sustainability as well as overall economic growth. Additionally, the commitment towards expanding the e-vehicle ecosystem brings an exciting prospect for the youth, which will create employment opportunities that align with the demands of the future. The introduction of biomanufacturing and bio-foundry schemes is also a welcome move that will be a great alternative to bio-degradable production.
