Union Budget 2024: Centre allocates Rs 1.52 lakh crore for agriculture, allied sectors
Union Budget 2024: Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2024-25 in the Lok Sabha, allocating Rs 1.52 lakh crore to agriculture and related sectors.
The Union Minister underlined the importance of agricultural research and development.
She announced that significant financing would be granted for research and development efforts, with an emphasis on the production, storage, and marketing of pulse and oilseed.
"We will strengthen their production, storage, and marketing," she said.
The initiative seeks to establish "atmanirbharta" (self-sufficiency) 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," Sitharaman added.
To strengthen the supply chain for vegetables, the budget recommends the establishment of large-scale vegetable production clusters near important consumption hubs.
"Lage scale clusters for vegetable production will be developed closer to major consumption centres. We will promote farmer producer organisations, cooperatives and startups for vegetable supply chains including for collections, storage and marketing."
Sitharaman unveiled a three-year plan to improve digital public infrastructure for agriculture, with the goal of fully covering farmers and their land.
"Our government will facilitate the Digital public infrastructure in agriculture for coverage of farmers and their lands in 3 years. During this year, a digital crop survey for Kharif using the DPI will be taken up in 400 districts."
She stated that a digital crop survey for Kharif crops will be undertaken in 400 districts this year, integrating the information of six crore farmers and their holdings into farmer and land registries.
"The details of 6 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 5 states."
Considering aquaculture's potential, the budget allocates funds to establish a network of nucleus breeding centres for shrimp broodstocks.
The National Bank for Agriculture and Rural Development (NABARD) will help finance shrimp farming and exports to promote this lucrative sector. Financial assistance will be offered to establish a network of nucleus breeding sites for shrimp brude stocks. NABARD will facilitate financing for shrimp farming and exports.
A new national cooperation policy will be implemented to ensure that the cooperative sector grows in a methodical, orderly, and comprehensive manner.
"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."
This policy intends to accelerate rural economic growth and create large-scale employment opportunities.
- PTC NEWS
