Budget 2025 Expectations: Agriculture Leaders Seek GST Exemption on Biofertilizers and Biopesticides
abplive
2025.01.18
A major portion of India's population depends on the agriculture sector for their livelihood making it one of the most significant sectors. Experts believe that the upcoming Union Budget should maintain its focus on enhancing productivity and developing the necessary infrastructure to ensure sustained growth in the agriculture sector, while also working towards increasing rural incomes.
Harsh Vardhan Bhagchandka, President, IPL BIOLOGICALS anticipates a transformative budget that aligns with the pivotal role of biofertilizers and biopesticides in sustainable agriculture.
“Our foremost expectation is the exemption of GST (goods and services tax) on biofertilizers and biopesticides, fostering affordability and accessibility for farmers. This step would catalyze the adoption of eco-friendly agricultural practices, promoting a harmonious balance between productivity and environmental stewardship,” Bhagchandka noted.
“Moreover, we look forward to the implementation of a Production Linked Incentive (PLI) scheme specifically tailored for biologicals. This strategic measure would not only encourage indigenous production but also stimulate research and development, fortifying India's position as a global hub for bio-based agricultural solutions. Recognizing the significance of transitioning from chemical-based to biological farming, IPL BIOLOGICALs urges the government to introduce incentives for farmers making this shift. Financial rewards or subsidies would serve as a catalyst, motivating farmers to embrace sustainable practices that benefit both the environment and crop yields,” he concluded.
A major portion of India's population depends on the agriculture sector for their livelihood making it one of the most significant sectors. Experts believe that the upcoming Union Budget should maintain its focus on enhancing productivity and developing the necessary infrastructure to ensure sustained growth in the agriculture sector, while also working towards increasing rural incomes.
Harsh Vardhan Bhagchandka, President, IPL BIOLOGICALS anticipates a transformative budget that aligns with the pivotal role of biofertilizers and biopesticides in sustainable agriculture.
“Our foremost expectation is the exemption of GST (goods and services tax) on biofertilizers and biopesticides, fostering affordability and accessibility for farmers. This step would catalyze the adoption of eco-friendly agricultural practices, promoting a harmonious balance between productivity and environmental stewardship,” Bhagchandka noted.
“Moreover, we look forward to the implementation of a Production Linked Incentive (PLI) scheme specifically tailored for biologicals. This strategic measure would not only encourage indigenous production but also stimulate research and development, fortifying India's position as a global hub for bio-based agricultural solutions. Recognizing the significance of transitioning from chemical-based to biological farming, IPL BIOLOGICALs urges the government to introduce incentives for farmers making this shift. Financial rewards or subsidies would serve as a catalyst, motivating farmers to embrace sustainable practices that benefit both the environment and crop yields,” he concluded.
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