03/03/2011 (FnB News) - “Godrej Agrovet is happy that the FY2012 Union Budget included initiatives which will help boost India’s crop and livestock yields.  The government has finally begun to pay serious attention to the livestock sector, with Rs 300 crore dedicated to the creation of a National Mission for Protein Supplements,” says Balram Yadav, managing director, Godrej, Agrovet Ltd, commenting on the Union Budget, 2011-12.

“Together with continued funding for pulses and Rs 300 crore for fodder development, there is a serious attempt being made to address India’s crippling protein deficit.  Likewise, we welcome the allocation of Rs 300 crore for oil palm cultivation on 60,000 additional hectares, which will help reduce India’s dependence on imported edible oil.  We believe this funding should flow directly to farmers, at Rs 50,000 per hectare, and hope support for the oil palm sector continues in future Budgets,” Yadav said.

While reduction of import duty on micro irrigation products by 2.5% was positive, subsidy increases and infrastructure status should have also been granted, given the immense future challenge of water scarcity.  Another Rs 1 lakh crore of credit for farmers and 3% interest subvention would help rejuvenate investment across the agricultural sector, increasing long-term productivity, he added.