Finance Minister Nirmala Sitharaman allocated Rs 1.52 lakh crore to the agriculture and allied sectors while presenting the Union Budget for the fiscal year 2024-25 in Lok Sabha on Tuesday. She emphasised the importance of research and development in the agriculture sector.
The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman on Tuesday, has garnered positive reaction from Triveni Engineering and Industries Ltd.
Tarun Sawhney, Vice Chairman & Managing Director of Triveni Engineering and Industries Ltd lauded the budget. He said, “In the Budget, the Government has laid out a comprehensive roadmap for a ‘Viksit Bharat,’ focusing on key areas such as agriculture, manufacturing, and energy security. With increasing demand and growing concerns about climate change, there is an urgent need to shift towards high-yielding and climate-resilient seed varieties. We are optimistic that the Government’s allocation of Rs 1.52 lakh crore for R&D in agriculture and allied sectors, along with the push towards natural farming and Digital Public Infrastructure with a digital crop survey, will enhance productivity and significantly boost farmers’ incomes, particularly for sugarcane farmers who face challenges like uneven rainfall and red rot disease in certain pockets of the country. Natural farming will also help the Compressed BioGas sector to enhance the financial attractiveness due to assured disposal of the liquid fertilizer.”
“In the energy sector, the Government’s emphasis on renewable energy sources such as solar, thermal, and nuclear, along with the upcoming policy on pumped storage projects for electricity storage, will facilitate the smooth integration of renewable energy into the overall energy mix. This approach will address the variable and intermittent nature of renewable energy, ensuring a stable and reliable energy supply. Further the increased focus on climate finance and tools such as carbon credits would enhance the speed of green transition through improved viability of the Bioenergy sector, ” he further added.
Sawhney also commended the Government’s new scheme aimed at incentivizing additional employment in the manufacturing sector, stating, “This forward-thinking strategy will not only create job opportunities but also encourage the hiring of fresh talent, driving economic growth and fostering innovation.”
