Farm bodies seek higher agri R&D spending in pre-Budget meet

New Delhi, June 21

In a pre-Budget consultation with Finance Minister Nirmala Sitharaman, farm organisations and experts on Friday pitched for higher investment in agricultural research, rationalisation of fertiliser subsidies and infrastructure development to boost the sector’s resilience against climate change.

The two-and-a-half-hour meeting saw stakeholders advocating for a significant hike in the Budget allocation for the Indian Council of Agricultural Research (ICAR) from Rs 9,500 crore to Rs 20,000 crore. Indian Chamber of Food and Agriculture (ICFA) chairman MJ Khan emphasised the need for “massive investment in agriculture R&D” to drive sector growth and increase farmers’ income.

Experts also called for consolidating all agriculture-related subsidies for transfer through Direct Benefit Transfer (DBT) and increasing the retail price of urea, which has remained unchanged since 2018. The promotion of bio-fertilisers and foliar fertilisers through subsidies was another key demand.

Bharat Krishak Samaj Chairman Ajay Vir Jakhar suggested segregating agriculture funds between education and research. He pointed out that despite the economic returns on agricultural research being ten times higher than other investments, Budget increases in the past two decades have lagged behind inflation rates.

Industry body PHD Chamber of Commerce and Industry(PHDCCI) in its interaction with the Finance Minister Nirmala Sitharaman presented recommendations aimed at fostering growth and sustainability within the MSME ecosystem in the upcoming Union Budget. Since the northern region is a major hub for MSMEs, the move is likely to a go a long way in boosting the growth of the sector. /PTI