Union Budget 2023- CropLife India Urges Government To Provide Tax Exemptions On R&D Expenditures
CropLife India, an industry association representing 16 agrochemical companies, has urged the government to offer tax sops on expenses for R&D in the upcoming budget. In a letter to the government, CropLife India urged it to "maintain a uniform basic customs duty of 10% for both technical raw materials and formulations.
CropLife India, an industry association representing 16 agrochemical companies, has urged the government to offer tax sops on expenses for R&D in the upcoming budget.
In a letter to the government, CropLife India urged it to "maintain a uniform basic customs duty of 10% for both technical raw materials and formulations."
Additionally, the association urged the government to grant agrochemical companies a weighted deduction of 200 percent for their R&D costs.
Agriculture reforms are urgently needed to increase farmer income, according to CropLife India Secretary General Durgesh Chandra, and the Budget for 2023–24 will be a crucial first step.
He proposed a 50% subsidy for the local purchase and upkeep of drones and their batteries/components.
According to the association, "this will hasten the adoption of this brand-new, revolutionary technology and aid in the growth of the domestic drone sector."
16 crop protection companies that are committed to R&D make up CropLife India. Together, they account for about 70% of the market and 95% of the molecules that are introduced in the nation. The member companies of the association spend $6 billion worldwide on R&D each year.
Dhanuka Agritech's Managing Director, MK Dhanuka, stated, "We anticipate that the government will decide to lower the import taxes on pesticides. By doing this, our farmers will be able to purchase pesticides at competitive prices."
According to KC Ravi, Chief Sustainability Officer at Syngenta India Pvt Ltd, the price of inputs has increased in the agricultural sector.
He continued, "A higher PM-KISAN budget will also ensure that farmers have more money to spend on inputs."
A special Production Linked Incentives (PLI) scheme for the agrochemical industry is also anticipated, according to KC Ravi, who added that this will have a domino effect on boosting manufacturing in India.
"In the upcoming budget, funds should be set aside for research and development activities to create new, safer, and more efficient ways to control weeds, diseases, and pests in chemical and biological streams. Companies involved in such R&D activities may be encouraged to invest more if they receive various forms of incentives," Managing Director of Insecticides India, Rajesh Aggarwal.
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