Tech And Research: Agritech Sector's Top Priorities For Budget 2024

According to the Economic Survey of 2023, India has become a leading net exporter of agricultural products, with the sector growing at an average annual rate of 4.6% in the last six years.

The previous Union Budget addressed some of the key reforms for the sector, such as increasing farmer credits, promoting green initiatives, and adopting precision farming. Various agricultural segments, including fisheries and animal husbandry, received financial support, along with a focus on artificial intelligence-based processes. One of the seven priorities, 'Green growth', was listed in Budget 2023.

This year, the priority is to digitize the agriculture sector, with a special focus on innovation, extra financial aid for agritech startups, and data security and privacy.

New Developments in Agriculture Technologies

This year, emerging technologies such as artificial intelligence, machine learning, and internet of things are expected to gain more attention, says Genji Jairam, Managing Director of Farminno Tech, an agritech startup based in Andhra Pradesh that helps farmers meet supply demands using technology. "The government should introduce tax incentives for new-age technology applications in agriculture such as loT and Al. This will encourage more investment in research and development," Jairam says.

Sandip Bhammer, Founder and Co-Managing Partner of Green Frontier Capital, agrees. He says that there could be a deeper integration of technology in agriculture to improve productivity and sustainability. He also says that credit facilitation for small and medium farmers through technology-based solutions could be another focus area, along with the continuation of digital initiatives in other sectors. Jairam from Farminno also says that the Budget should support subsidy-based machines for farmers and encourage smart AI/ML-based polyhouse and greenhouse farming, which would match the growing demand for sustainable and technologically advanced agricultural practices.