Union Budget 2024 | The crop rotation system should also be incentivised, said SK Chaudhary, Founder Director, Safex Chemicals Ltd

"Given the increasing threat to crops because of adverse weather conditions arising from climate change, one looks forward to a robust rise in the R&D outlays so that both private and government institutes are motivated to develop climate-resistant crop varieties," he said.

Finance Minister Nirmala Sitharaman will present the Union Budget on July 23. News emerged that Prime Minister Narendra Modi may face troubles this time, to accommodate the wishes of his alliance partners JD(U) chief Nitish Kumar and TDP supremo Chandrababu Naidu. However, it is more likely that the Budget will be a feel-good one, coming on the back of the Rs 2.11 lakh crore record dividend to the union government from the RBI.

"Given the increasing threat to crops because of adverse weather conditions arising from climate change, one looks forward to a robust rise in the R&D outlays so that both private and government institutes are motivated to develop climate-resistant crop varieties," SK Chaudhary said.

he added, "The crop rotation system should also be incentivised, whereby more farmers are encouraged to adopt this strategy. Training and awareness programmes can be launched so the farming community realises the importance of rotating crops, which can help in conserving the water table, enhancing soil fertility and minimising erosion. Moreover, crop rotation will be useful in raising the overall per-acre productivity of farmland."

"The GST rate of 18 per cent on plant protection chemicals must also be lowered to 12 per cent at the least, although a minimal rate of 5 per cent would be more beneficial for the agri sector and consumers at large as it will reduce cost to grow crops," Chaudhary stated.

"Since climate change challenges are only growing worse by the day, we believe the Budget should look at across-the-board measures that will help in combatting the menace on every front. Therefore, the Finance Minister should focus on steps that promote climate-resilient farming practices and crop rotation to improve overall agri yields. Besides diversifying the income source of farmers, it will help the economy at large through the additional revenue generated,” he further added.

Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.