Finance Minister Nirmala Sitharaman allocated ₹1.52 lakh crore to the agriculture and allied sectors while presenting the Union Budget for the fiscal year 2024-25 in the Lok Sabha on Tuesday.
Finance Minister Sitharaman emphasized 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.
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To enhance the supply chain of vegetables, the budget proposes the development of large-scale clusters for vegetable production near major consumption centers. “Large-scale clusters for vegetable production will be developed closer to major consumption centers. We will promote farmer producer organizations, cooperatives, and startups for vegetable supply chains including for collections, storage, and marketing,” she said.
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 facilitate the Digital Public Infrastructure in agriculture for the 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 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 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.”
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 centers for shrimp broodstocks 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 the growth of the rural economy and generating employment opportunities on a large scale will be the policy goal.”
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