Budget 2023: FM Sitharaman’s agri initiatives get a thumbs-up from Godrej agribusiness arm

Godrej Agrovet Ltd, the agribusiness arm of the diversified Godrej Group, has given a vote of confidence to the agri-related announcements in Budget 2023-24. 

Commending the government’s efforts to set up a digital public infrastructure for agriculture, Balram Yadav, MD of Godrej Agrovet Ltd, told Business Today, “The Union Budget 2023-24 is a step forward in leveraging technology for improved agriculture in India. Educating farmers on the new-age technology and realigning crop planning based on climatic conditions is a necessity, and it is herein that digital open infrastructure will play a critical role – improving access to farm inputs as well as intelligence.”

Godrej Agrovet is also optimistic about the government’s newly announced Agriculture Accelerator Fund, which will boost rural entrepreneurship, especially in the areas of agritech and allied segments. “With our country’s startups playing a critical role in building innovative and affordable solutions for farmers, enhanced collaboration within the ecosystem will go a long way in enhancing farmers productivity and profitability,” Yadav stated. 

He also welcomed the government’s decision to increase the agri credit target to Rs 20 lakh crore (with a focus on animal husbandry, dairy, and fisheries). “The agriculture credit and insurance initiatives would aid farmers to invest in better techniques while the duty reduction in marine products would motivate shrimp manufacturers,” he explained. 

Godrej Agrovet, which has interests in vegetable oil, dairy, crop protection, animal feed, and life sciences, reported revenues of Rs 2,454.2 crore and net profits of Rs. 87.3 crore in the September quarter (Q2 FY23). The December quarter (Q3 FY23) results are yet to be announced. 

Overall, Yadav summed up, “With India emerging as a net exporter of agriculture and allied products, this Budget can be termed a tech-focused-inclusive one for Indian farmers, which focuses on supply and input sides to enable farmers to get better prices for their produce.”

Also Read: Union Budget 2023: Income Tax changes to cost govt Rs 35,000 crore annually