Union Budget 2023: AGTECH

The Tech Panda asked AgTech sector players what they think of the Union Budget 2023 policies for agriculture.

The agriculture sector is always an important one, and the policies laid out by Finance Minister Nirmala Sitharaman’s Union Budget 2023 are set to boost the sector. With an outlay of INR1.25 lakh crore, the Indian farmer can hope to see progress. The setting up of an open-source digital public infrastructure to provide informative solutions to farmers, technology is being welcomed into agriculture.

Read more: Union Budget 2023 wish list: ESPORTS

The Tech Panda asked AgTech sector players what they think of the Union Budget 2023 policies for agriculture.

HIGHLIGHTS

• Allocation for the Ministry of Agriculture and Farmer’s Welfare is INR 1.25 lakh crore.
• Digital public infrastructure for an informative solution for farmers
• Set up agricultural accelerator fund to encourage innovative startups in rural areas
• INR 20 lakh crore agricultural credit for animal husbandry, dairy and fishery
• Making India global millet hub
• Set up 10,000 bio input resource centres
• Assistance of INR1 crore for farmers to adopt natural farming methods over next three years

Anil Joshi, Managing Partner, Unicorn India Ventures

“Provision for agri accelerator will certainly help interest in investment in agri tech and in general in agri business.

Provision for agri accelerator will certainly help interest in investment in agri tech and in general in agri business

“The accelerator will help working on innovative ideas and may help on packaged food, which will not only help in increasing productivity but also farmer income.”

Ruchit Garg, Founder & CEO, Harvesting India Pvt Ltd

“I welcome the announcement made by the Hon’ble Finance Minister to invest in the agri-tech space, especially focused on rural India. I believe that’s where India has huge potential and agriculture is going to make India a superpower and a multi-million trillion-dollar economy. This can happen only through agriculture. I hope that these funds can be extended to cooperatives and organizations and be made easier for access.

The plan to set-up 10,000 bio input resource centres along with assistance to 1 crore farmers to adopt natural farming methods over the next 3 years is definitely the right step towards the farmer community

“I also welcome the proposal by the government to launch a new scheme, PM Matsya Sampada Yojana which is expected to help boost agriculture demand. It is also encouraging to see the focus is given to millet crops, agri-credit and small farmers and envisages India becoming a global hub for Sri Ann or millets. The plan to set-up 10,000 bio input resource centres along with assistance to 1 crore farmers to adopt natural farming methods over the next 3 years is definitely the right step towards the farmer community.”

Aneesh Jain, Founder, Gram Unnati

“The budget is a game changer for the agriculture sector in India. The government has taken bold steps in digitising the sector with the creation of an open-source digital public infrastructure and accelerator fund. The push for a green plant programme hits the nail on the head for boosting productivity and profitability, and the increase in credit will provide much-needed financial support to the industry.

The plan for decentralised storage capacity will empower farmers to store their produce and receive fair prices

“The plan for decentralised storage capacity will empower farmers to store their produce and receive fair prices. Overall, this budget will play a crucial role in modernising and revitalising the agriculture sector in India, bringing economic growth to rural areas.”

Rituraj Sharma, Founder, Growpital

“It is good to see that agriculture remains the core for the budget 2023 with the centre government introducing the setting up of an agriculture accelerator programme to encourage agri-startups by young entrepreneurs. This will, in turn, facilitate easy navigation of regulations and connect all stakeholders in the farm supply chain network.

The advancement in digital payments, development of agri -infrastructure and intel; as an open-source platform with public-private collaboration will ensure a progressive graph for the sector in India

“With increasing credit target by 11.11% YoY, Rs. 20 lakh crore; we see this as a positive step to boost growth by allowing access to money that otherwise was capped. Additionally, the advancement in digital payments, development of agri -infrastructure and intel; as an open-source platform with public-private collaboration will ensure a progressive graph for the sector in India. We feel these developments will also encourage higher investment in the sector, both public and private, furthering its growth this year. Furthermore, introducing new tax slabs is a great initiative that will help increase the public’s overall disposable income.”

Jaisimha Rao, Founder & CEO, TartanSense

The 2023 budget, for the first time, plans to converge and marry contemporary technologies with farming, to provide cost effective solutions to the farmer

“In the past technology and farming were viewed as independent silos. The 2023 budget, for the first time, plans to converge and marry contemporary technologies with farming, to provide cost effective solutions to the farmer, through initiatives like setting up of The Agriculture Accelerator Fund and research labs. We as an AgTech robotics startup are thrilled with these steps of the government and commend the government for taking such bold steps. All in all, we not only welcome budget 2022 but appreciate it as well.”