Budget 2024 Expectations: What sustainable and precision farming expects this year?

The Finance Minister's emphasis on 'Green Growth' in the previous budget aligns seamlessly with India's commitment to environmentally conscious and technology-driven agricultural practices. As we eagerly anticipate the Union Budget for 2024-'25, there are key expectations and potential areas of emphasis that can propel the agricultural sector toward sustainability and precision farming.

At the forefront of expectations from this budget is the requirement for substantial investments in smart agriculture. Modernising storage facilities, improving transportation systems, and creating integrated supply chains are essential steps toward enhancing the efficiency and sustainability of the agricultural sector. These investments can significantly reduce post-harvest losses, ensuring a more resilient and streamlined food supply chain.

A pivotal aspect of the anticipated budget would also be a heightened focus on Research and Development (R&D) in agriculture. Increased funding for R&D initiatives can foster innovation in crop varieties, pest control, and farming techniques. By promoting scientific advancements, the government can contribute to the overall resilience of the agricultural sector, equipping farmers and agribusinesses with the knowledge and tools necessary for sustainable practices.

Transparency and traceability in the agricultural sector are expected to receive a boost through the integration of blockchain-based solutions. Blockchain technology offers a decentralised and secure ledger, creating an immutable record of transactions from farm to market. This not only reduces instances of fraud but also empowers consumers to make informed choices about the origin and quality of the produce they purchase.

The budget is anticipated to lay a strong emphasis on the integration of Internet of Things (IoT) devices for precision farming. Deploying IoT devices on farms can enable the collection of real-time data on soil health, weather conditions, and crop growth. This data-driven approach empowers growers to make informed decisions, optimise resource utilisation, and enhance overall productivity. Precision farming, facilitated by IoT, addresses each plant's needs with accuracy, minimising waste and maximising output.

A significant expectation also revolves around the adoption of Enterprise Resource Planning (ERP) solutions in agriculture. ERP-based farm management software can revolutionise operations by providing up-to-date information on greenhouse gas reporting and the environmental impact of agrochemicals. These solutions contribute to sustainable farming practices, assisting in efficient resource management, waste reduction, and improving the overall environmental footprint of agriculture.

As we have seen, the expectations for sustainable and precision farming in the Union Budget for 2024-'25 are rooted in a comprehensive approach. It combines technological innovation, increased R&D, strategic investments, and a commitment to 'Green Growth.' As we anticipate the budget announcement, there is optimism that it will not only address the immediate needs of farmers and agripreneurs but also lay the groundwork for a resilient and sustainable future for Indian agriculture.

Expectations for sustainable farming include a dedicated focus on climate-smart agriculture, carbon net zero compliance, and regenerative practices, with an overarching goal of enhancing the 3Ps of agricultural business i.e., productivity, predictability, and profitability.

The transformative potential of this budget is immense, shaping the trajectory of agriculture towards a greener and technologically advanced future.

Santosh Shinde, Co-Founder & COO - FarmERP