FM allocates Rs 1.52 lakh crore for agriculture, allied sectors in Union Budget

NEW DELHI: Union Finance Minister Nirmala Sitharaman has allocated Rs 1.52 lakh crore to agriculture and allied sectors while presenting the Union Budget for the fiscal year 2024-25 in Lok Sabha on Tuesday.

The Finance Minister emphasised the importance of research and development in the agriculture sector. She announced that substantial funding would be provided for R&D initiatives, particularly focusing on the production, storage, and marketing of pulses and oilseeds. “We will strengthen their production, storage, and marketing”, she stated.

This initiative aims to achieve “atmanirbharta” (self-reliance) in oilseeds such as mustard, groundnut, sesame, soybean, and sunflower. “As announced in the interim budget, a strategy is put in place to achieve “Atmanirbharta” for oil seeds such as mustard, groundnut, sesame, soybean and sunflower”, she said.

#Budget2024 | Finance Minister Nirmala Sitharaman says,”This year the allocation for agriculture and allied sectors is Rs 1.52 lakh crore.” pic.twitter.com/9ThnigROkm

— ANI (@ANI) July 23, 2024

To enhance the supply chain of vegetables, the budget proposes the development of large-scale clusters for vegetable production near major consumption centres. “Largescale clusters for vegetable production will be developed closer to major consumption centres. We will promote farmer producer organisations, co operatives and startups for vegetables supply chains including for collections, storage and marketing”, she said.

Nirmala Sitharaman announced a three-year plan to facilitate the digital public infrastructure for agriculture, aiming to cover farmers and their lands comprehensively. “Our government will falicitate the Digital public infrastructure in agriculture for coverage of farmers and their lands in 3 years. During this year, digital crop survey for Kharif using the DPI will be taken up in 400 districts”.

She said a digital crop survey for Kharif crops will be conducted in 400 districts this year, integrating the details of six crore farmers and their lands into farmer and land registries. “The details of six crore farmers and their lands will be brought into the farmer and land registries. The issuance of jan-Samarth based Kisaan Credit Cards will be enabled in five states”.

Recognizing the potential of aquaculture, the budget provides financial support for setting up a network of nucleus breeding centers for shrimp broodstocks.

Financing for shrimp farming and exports will be facilitated through the National Bank for Agriculture and Rural Development (NABARD), aiming to boost this lucrative sector. “Financial support for setting up a network of nucleus breeding centres for shrimp brude stocks will be provided. Financing for shrimp farming and exports will be facilitated through NABARD”.

A new national cooperation policy will be introduced to ensure the systematic, orderly, and all-round development of the cooperative sector. “Our government will bring out a national cooperation policy for systematic, orderly and all round development of the cooperative sector. Fast tracking growth of rural economy and generation of employment opportunities on a large scale will be the policy goal”, she said.

This policy aims to fast-track the growth of the rural economy and generate employment opportunities on a large scale. (ANI)