Budget 2023: Finance Minister announces Agriculture Accelerator Fund

On Wednesday, the second day of Budget Session 2023 began with Union Finance Minister Nirmala Sitharaman presenting her fifth Union Budget, which she termed as “the first budget in Amrit Kaal.” In her inaugural remarks, Sitharaman described her vision for a thriving and inclusive India. Sitharman revealed in her budget address that an Agriculture Accelerator Fund will be established to foster agri-startups by young entrepreneurs.

According to Sitharaman, the government intends to expand the agricultural credit target to Rs 20 lakh crore, with a concentration on animal husbandry, dairy, and fisheries. In the last six years, the country’s agriculture industry has grown at a 4.6 percent yearly rate on average.

“Will launch a sub-scheme of the existing PM Matsya Sampada Yojana scheme to improve value chain efficiencies,” she said.

At 11 a.m., Sitharaman began her Budget speech, the last full Budget of the Modi government’s second term. Union Budget 2023-24, like the previous two Union Budgets, is presented in paperless form.
This year’s Budget is significant since the country’s next Lok Sabha election is expected for April-May 2024.

As per established tradition, Finance Minister Nirmala Sitharaman, state ministers Pankaj Chaudhary and Bhagwat Karad, and Finance Secretary T V Somanathan paid a visit to President Droupadi Murmu. The budget session of the Parliament opened on Tuesday with the President’s address, after which the Economomic Survey for 2022-23 was tabled. On October 10, the formal process of preparing the annual Budget for the next fiscal year (2023-24) began.