Budget 2023 Increase the amount of PM Kisan give tax breaks to ag-tech start-ups

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The government should increase the cash assistance given to farmers under the PM-KISAN scheme in the next 2023-24 budget. Industry experts offer this advice. Currently, Rs 6,000 per year is awarded under the PM-Kisan programme. He said new agtech companies should be offered tax breaks and import duties should be lowered.

He said that for faster adoption of technologies like AI, precision agriculture and drones in the Indian agriculture sector, it is also necessary to announce some incentives for farmers as well as agtech startups. Edible oil industry body SEA has called for the launch of a national mission to increase oilseed production and reduce imports of edible oil.

Also read: Budget 2023: Need to simplify ITR, rationalize capital gains tax: Experts

There is an urgent need to launch a ‘National Mission on Edible Oils’ with adequate financial support to boost oilseed production, said Ajay Jhunjhunwala, president of the Solvent Extractors Association of India (SEA). Currently, India imports about 14 million tons of edible oils per year. He said the mission needs an annual outlay of Rs 25 000 crore to reduce our dependency on imported edible oils by 2026.

RG Aggarwal, chairman of the agrochemical company Dhanuka Group, said farmers should receive more funds under the PM-Kisan program so they can buy seeds, fertilizers and pesticides in sufficient quantities.

Under Prime Minister Kisan Yojana, the central government grants a total of Rs 6,000 annually in three equal installments. Agarwal also sought some incentives to promote R&D activities and extension services in the agricultural sector.

KC Ravi, Chief Sustainability Officer (CSO), Syngenta India, said costs have risen in the agriculture sector. “The increased outlay for PM-Kisan will help ensure farmers get more cash to go into farming,” he added. Deepak Bhardwaj, co-founder and director of agricultural drone maker Iotechworld Navigation, said the government should set aside some funds from the Rs one lakh crore agricultural manufacturing fund for the purchase of drones.

Furthermore, Anup Upadhyay, co-founder of IoTechworld, suggested that farmers should receive subsidies to buy drones. Anish Jain, founder of Gram Unnati, said farmers need to embrace new crops and technologies that have the potential to dramatically improve yields and yields. Similarly, Maninder Singh, founder and chief executive officer (CEO) of CEF Group, a company in the biofuel and biofertilizer sector, said the government should consider giving subsidies to promote composting among farmers.

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