Union Budget 2023-2024 Reaction: D Narain, President, Bayer South Asia and Global Head of Smallholder Farming, Bayer

This year’s budget clearly identifies 7 priority areas that will not only lead to rapid economic growth in the country but also create an empowered and inclusive India. The budget’s focus on millets, growing rural credit, promoting micro-entrepreneurship, and rural infrastructure highlights the importance of agriculture in driving economic growth in the country. 

The finance minister’s announcement on setting up an Agri focused accelerator fund and to build an open-source digital infrastructure, will accelerate technology adoption in the agriculture sector and help farmers to access markets. The impetus to innovation is not limited only to the agriculture sector.

The announcement of a new program to promote R&D in the pharmaceutical sector is another welcome move. It will not only spur investment in this space but also has the potential to make India the hub for new drug discovery and development, helping to address the unmet health needs of millions of Indians. Additionally, with a proposed boost to clean energy and a scheme to protect biodiversity and wetlands, the budget does well to promote sustainable practices and encourage climate-friendly policies.