New Delhi: As the Union Budget 2024-25 approaches against the backdrop of looming general elections, industry leaders express their expectations and insights on key sectors like agriculture and healthcare, anticipating a budget that strikes a balance between fiscal responsibility and populist measures.
Vasu Naren, Chairman and Managing Director, Sona Machinery Ltd., emphasized the significance of the proposed record-high goal for agriculture credit amounting to Rs 20 lakh crore.
According to Naren, this ambitious target aligns with the vision of empowering Indian farmers to enhance productivity through the adoption of smart machines and advanced agricultural techniques.
Naren said, “The emphasis on achieving a record-high goal for agriculture credit of Rs 20 lakh crore is noteworthy, as it is expected to enable Indian farmers to enhance their output through the adoption of smart machines and advanced agricultural techniques”.
The emphasis on agriculture credit could trigger increased demand for cutting-edge farm machinery and crop management solutions. This demand is particularly crucial as it aligns intending to meet the rising global demand for Indian grains.
The allocation of Rs 2 trillion to the agriculture ministry in the upcoming budget is expected to support government initiatives focused on farmers’ income and crop insurance.
However, Naren stressed the need for additional measures such as providing incentives and loans for acquiring agricultural machinery. He emphasized that this approach aligns with the broader vision of fostering a technologically advanced agricultural sector in India.
Naren said, “Reducing duties on raw materials for agricultural machinery is essential to ensure the affordability of such equipment. The objective is to make agricultural machinery easily accessible nationwide and promote the export of Indian agricultural machinery globally. While the Union Budget prioritizes supporting farmers’ growth, it is imperative to ensure that essential support is extended to domestic agricultural machinery production companies for the accelerated advancement of the agriculture sector in the country.”
Lowering duties on raw materials for agricultural machinery is also crucial to ensure the affordability and accessibility of such equipment.
This aims to promote the export of Indian agricultural machinery globally while prioritizing the growth of the domestic agricultural machinery production sector.
(With inputs from ANI)
