02 February 2024, New Delhi: CropLife India welcomed the interim Budget 2024-25. The industry body also shared that in order to enhance the focus on Innovation and Research & Development, which would help the farmers with newer and greener crop protection products, the government must provide a 200% weighted deduction on R&D expenses by agrochemical companies. The government must also follow a uniform basic customs duty of 10% for both Technical raw materials and Formulations and GST on agrochemicals be reduced from the current 18% to 12%.
Mr. 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 & greener crop protection products. Formulation import of new for-India single molecules or their different combinations helps the farmers in combating resistance, climate change, new invasive pests and in improving the competitiveness of Indian agricultural produce internationally. 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 manufacture of formulation and then to manufacturing of the technicals in India.”
Mr. Chandra added, “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.”
