Mr. Ankit Alok Bagaria, Co-Founder, Loopworm:

Ankit Alok Bagaria, termed the Union Budget 2023-24 “short and crisp” saying that the budget would help farmers, established businesses, and Startups in the Agri & Allied Agriculture space.

“The 6000 Cr infusion to promote fisheries would help Shrimp farming the most. Decreasing import duties on feed ingredients are going to help the feed manufacturers and help formalise animal agriculture but would lead to reduced margins for domestic feed ingredient manufacturers. For young startups, the agri accelerator fund is a good initiative but there was less focus to promote Agri-Startups at the growth stage. Funds to support Bio-based products to promote natural farming should boost the plant Bio-stimulant & Bio-fertiliser industry,” stated Bagaria, while welcoming the budget.

“Significant agricultural credit support and significant fund infusion in allied agri sectors should promote existing farmers and people looking for secondary income streams to set up livestock/ poultry/ fish/ insect farms which would lead to a growth in non-arable land agriculture,” Co-Founder of Loopworm added.