Corporates In Agri & Agri-Tech Space Elated Over Game-Changing Reforms Announced By The Hon’ble Finance Minister of India
On February 1, 2023, the Finance Minister of India, Ms. Nirmala Sitharaman announced the Union budget for the year 2023–24 in which she announced further push in agri-tech start-ups and hence, the corporates belonging to the agri and agri-tech sector are elated.
According to corporates, the Union budget released in 2023–24 is perfect for the exponential growth of the Agritech ecosystem. According to the Founder of Gram Unnati-Agritech, Mr.Aneesh Jain, the Union Budget 2022–23 is the game changer for the agriculture industry. The Indian Government has taken daring steps to digitize the agriculture sector by fabricating an open-source digital infrastructure for the public as well as an accelerator repository.
Advancement In Agriculture And Agri-tech Sector The thrust to work on the green plant program helped to increase productivity and profitability.
However, an increase in funds is much needed for providing financial assistance for the surge of the agriculture industry. The idea of decentralized storage capacity authorizes Indian farmers to keep stock of their harvest and receive unbiased selling prices. Overall, the core idea of the Union budget 2022–23 is to modernize and revitalize the agriculture sector and help rural areas to attain economic success.
According to the Chief Farmer, CEO and Founder of Nandu’s, Mr. Narendra Kumar Pasuparthy, “The Union budget 2022–23 has been a breath of fresh air, especially for startups in the agri and agri-tech sectors.
The efforts which include the Agriculture Accelerator Fund (for entrepreneurs from rural India) and the agricultural credit objective (raised to 20 lakh crore with an emphasis on animal husbandry, dairy, and fisheries) are aimed at enabling more enterprises to flourish. It is heartening to see that 39,000+ compliances have been lowered and 3,400+ regulatory provisions have been made less punishable in an effort to make businesses easier in India.
After the arduous lane of the previous three years, the additional year of tax vacation and capital tax exemption will undoubtedly provide some much-needed relief for startups.”
The Co-founder and CEO of Ecozen solutions, Mr. Devendra Gupta said, “For agriculture, financing, schemes that facilitate access to technology, energy transition and development of market linkage infrastructure, will help in the reduction of loss of food, enhanced productivity, balance the sector’s climate impact and increases farmers incomes.”
Samunnati’s founder and CEO, Anil Kumar SG, stated “Computerization of cooperatives is an appreciable move because, in Samunnati’s opinion, collectivization is the foundation of the revolution. This budget also features the elements needed to strengthen the agrarian economy’s
resilience and independence, with sustained emphasis on digitization, tech-enablement as well as a significant boost for natural farming.”
The MD and co-founder of Arya.ag put forward his views on the Union budget 2022–23 by adding that, “the government has vigorously endorsed and enhanced technological development in the agriculture industry, with a specific emphasis on the development of a comprehensive agritech ecosystem, in an initiative aimed at maintaining and speeding up the current growth rate of agri and agri-tech sector. The hunt for technological interventions in the agricultural sector, including mechanisations, AI.ML, GIS, IoT, Blockchain, Big Data, and drones, will work as a catalyst for growth, farm efficiency, and higher production efficiency. Farmers will benefit from a large increase in agricultural output as a result of this action, which will additionally increase revenues and cut costs.”
The Managing Director of Insecticides India Limited, Mr. Rajesh Agarwal stated, “a drive would be conducted to establish 10,000 bio input resource centers and help around one crore farmers in switching to natural farming over the course of another 3 years is a positive development. The government has also undertaken an “agri push” for a better future with an investment of INR 2,516 crore for computerization of 63,000 primary farm credit societies. With the development assistance of these provisions, farmers will be able to advance to the next levels of farming.”
As per the founder and CEO of CEF Group “the Atmanirbhar Clean Plant Programme, which will enhance the availability of disease-free quality planting material for high-value horticulture crops, has received an outlay from the government of Rs 2,200 crore. This budget has created agricultural accelerator funds to assist agri-startups. Both new and established agriculture start-ups will benefit from an expansion of their worldwide market presence. Most importantly, it will inspire young business people in rural areas to take advantage of these chances and advance their careers in agri-startups.”
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