The Agritech companies are looking forward to the upcoming Union Budget 2024.

Union Budget 2024 for Farmers and Agriculture: The Agritech companies are looking forward to the upcoming Union Budget 2024. Prime Minister Narender Modi-led NDA government is expected to make announcements for the agriculture sector and farmers. 

Earlier this year, during the Interim Budget 2024, Finance Minister Nirmala Sitharaman, addressing the farmers as ‘Annadata’, said, “Every year, under PM-KISAN SAMMAN Yojana, direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers, while crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana.”

According to her, such policies have assisted the farmers in producing food for the country and the world. She further added that the worries about food have been eliminated through free rations for 800 million people.

However, farmers believe the sector is likely to await government support in terms of subsidies and tax incentives, which were missing in the previous Budget. The major expectation of the industry from this year’s Budget is support for sustainable and technologically advanced methods of farming.

The farmers are hopeful of incentives and subsidies for adopting precision farming equipment and technologies, incentives to GI polyhouse and greenhouse farms based on AI/ML, tax incentives and benefits to agritech firms investing in R&D, and a certain regulatory framework that ensures ease of innovation while protecting data privacy and security. 

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