Interim Budget 2024: Industries Expects Higher Allocation for R&D

Higher Allocation for indigenous Research and Development (R&D), helps to foster innovation in sustainable farming practices
Interim Budget 2024 - Industries - Higher Allocation - R&D - taxscan

In the Interim Budget 2024, the Indian chemical industry has sought a competitive tax structure, support for raw materials, strategic initiatives, expanded funding for R&D and technological support to maintain sustainable growth.

The Industries expect that the Interim Budget will introduce competitive tax structures, support for raw materials, and strategic initiatives, catalyzing continued growth.

The agricultural sector needs higher allocation for indigenous Research and Development (R&D), with a focus on fostering innovation in sustainable farming practices to bring in the research-based latest technology products for crop protection and nutrition within the reach of even small and marginal farmers.

A significant advancement on the technology front is the much-expected ramp-up of the use of ‘drones as a service’ for applying fertilizers and agrochemicals. It is likely to get a major boost with the introduction of the government-backed ‘Drone Didi’ scheme. Better coordination between the fertilizer and agrochemical industry would help stabilize drones as a service concept, improving the efficiency and efficacy of crop protection and nutritional use efficiency.

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