New Delhi: CropLife India, an association of 16 R&D-driven crop science companies, welcomed the Interim Budget 2024-25 and shared that in order to enhance the focus on innovation and research and development, which would help the farmers with newer and greener crop protection products; provide 200 per cent weighted deduction on R&D expenses by agrochemical companies; follow a uniform basic customs duty of 10 per cent for both technical raw material and for formulations and GST on agrochemicals be reduced from the current 18 per cent to 12 per cent.
Durgesh Chandra, Secretary General, CropLife India said, “While the interim budget has focused on the growth done towards the promotion of technologies and innovation in agriculture; the full Budget 2024-25 should look at reforms for augmenting the farmers’ income and overall growth of the sector. Indian farmers need newer and greener crop protection products. Formulation import of new for-India single molecules or their different combinations help the farmers in combating resistance, climate change, new invasive pests and in improving the competitiveness of Indian agricultural produce internationally.”
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“Once these new solutions get adopted by the farmers, the local manufacturing commences and supports ‘Make in India’. Formulations’ imports are then converted to the manufacturing of formulations and then to the manufacturing of the technicals in India,” he further said.
“We would continue to urge the Indian government to implement a science-based, progressive and predictive regulatory regime, for the sector to achieve its true potential. It’s time that the full Budget 2024-25 should focus on the crop protection industry,” Chandra added.
According to CropLife India, it jointly represents 70 per cent of the market and is responsible for 95 per cent of the molecules introduced in the country.
