Home / Budget / News /  How Budget 2023 proved India to be the global leader of millet?

Finance Minister Nirmala Sitharaman commented on India's goal to promote millets both domestically and abroad while presenting the first Amrut Kaal budget. The year 2023 has been designated as the International Year of Millets, and FM noted that India cultivates a variety of Shree Anna grains, including Jowar, Raagi, Bajra, Ramdana, Cheena, and Saama. India is the world's largest producer and second-largest exporter of millets, and it to keep a serious consideration to our diet, FM announced that the Indian Institute of Millet Research in Hyderabad will be transformed into a centre of excellence.

Meghana Narayan and Shauravi Malik, Co-founders, Wholsum Foods Pvt Ltd (makers of millet-based children’s food brand Slurrp Farm) said, “Union Budget of 23-24 envisions India becoming the global hub for millets. As a millet-focused brand, we applaud this step to make India the global leader of this supergrain. The Government of India has led the campaign for 2023 to be earmarked International Year of Millets and today’s budget proves their intent to drive measures which can increase the popularity of millets in both domestic and global markets. The Govt has also announced turning the Indian Institute of Millet Research- Hyderabad into a centre of excellence to foster innovation which is especially commendable and will continue to help brands like us in enabling adoption and achieving India’s millet dreams. In addition to this, the government is planning to set up an agriculture accelerator fund to encourage startups in rural areas, which we believe is the need of the hour. We are ready to support the government of India in achieving this vision through innovation in the value add sector, branding and marketing to make millets acceptable across the world, and promoting the export of millets. We wholeheartedly welcome these initiatives and are excited to see how it aids in the development of the industry."

Anand Ramanathan, Partner, Deloitte India said “The budget focuses a lot on the supply and input side of the agricultural value chain. The increased availability of credit, facilitation of better-quality inputs through clean plant program, investments in digital infrastructure and skill development will all help in increasing farm level productivity by building awareness and facilitating better quality inputs. The shift towards decentralised storage is also an important step in reducing wastage and helping increase shelf life of agricultural produce. The increased focus on driving millet cultivation, consumption and exports, higher investment in fisheries and promotion of natural farming are all helpful from a crop diversification, sustainability and nutrition standpoint. The focus on better management of co-operatives and producer collectives will help farmers in realising better prices for their produce. Finally, the agriculture accelerator announcement for promoting start-ups in ag-tech enterprises will help increase yield and productivity on the supply side while also enhancing price realisation for the farmer on the demand side through more efficient market linkages."

Anirudh A Damani Artha Venture Fund - Managing Partner said “The Indian government's plan to designate the Hyderabad-based millet institute as a Centre of excellence is a targeted and commendable initiative. It highlights the government's recognition of the importance of millet, which plays a crucial role in food security for millions of people in India, particularly in rural and drought-prone areas. We expect the initiative to drive increased research and development in the millet sector, leading to improved seed varieties, better farming practices, and greater awareness about the benefits of consuming millet. As a recently converted consumer of millet, I am a strong supporter of the health benefits of millet and a firm believer that it will ultimately contribute to a more resilient and sustainable food system for the country."

K S Narayanan, Principal Consultant – Food Processing Sector, Nexdigm said “As the Finance Minister mentioned, India is the largest producer and 2nd largest exporter of millets. Thus, efforts and support to convert the Indian Institute of Millet Research, Hyderabad into a Center of Excellence is an excellent initiative that will cement our leadership in the world of millets, especially considering 2023 is the International Year of Millets. This will not only help disseminate and impart the knowledge India possesses on millets to the world but also learn from the world to grow and progress to higher levels of productivity, technological advancement, mass adoption of millets and more. For millets to become mainstream, it would require several innovative applications and positioning it as a great source of nutrition such that it finds a place into the daily menu of a large number of households."

Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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