"Agriculture R&D demands significant investments and long-term commitment, involving multi-year, multi-environment evaluations requiring extensive resources. To encourage private-sector investments in R&D in agriculture, particularly, seeds, the industry seeks a conducive policy and regulatory environment. Establishing a mechanism to recognize R&D-focused seed companies based on certain qualifying criteria, through creation of a National Register is the foremost expectation from Budget 2024."
"Another key expectation is the reinstatement of the 200% income tax weighted deduction for R&D expenditure in the seed industry under Section 35(2AB) of the Income Tax Act, 1961, which was rolled back in recent years. This can be provided for the eligible companies listed in the above-mentioned national register of accredited research players that have a proven track record of bringing innovative solutions to the farmers and comply with rigorous quality standards and other statutory requirements."
