New Delhi, UPDATED: Jul 23, 2024 20:27 IST
In Short
- Rs 1.52 lakh crore allocated to agriculture
- Focus on R&D, supply chains, infrastructure
- Push for self-reliance in key oilseeds
Finance Minister Nirmala Sitharaman allocated Rs 1.52 lakh crore to the agriculture and allied sectors in her presentation of the Union Budget for the fiscal year 2024-25 on Tuesday.
This funding is aimed at enhancing various aspects of agriculture, with a particular focus on research and development (R&D), and improving supply chains and infrastructure.
The budget outlines a significant commitment to advancing R&D in agriculture. A major portion of the funds will be directed towards improving the production, storage, and marketing of pulses and oilseeds.
The Finance Minister highlighted the goal of achieving self-reliance, or “Atmanirbharta,” in the production of key oilseeds such as mustard, groundnut, sesame, soybean, and sunflower.
To bolster vegetable supply chains, the budget proposes the creation of large-scale production clusters near major consumption centres. These clusters are intended to enhance the efficiency of vegetable production and distribution. The plan also includes promoting farmer producer organisations, cooperatives, and startups to support collection, storage, and marketing efforts.
Another significant initiative is the development of digital public infrastructure for agriculture. Over the next three years, this project will aim to provide comprehensive coverage for farmers and their lands.
As part of this effort, a digital crop survey for Kharif crops will be conducted in 400 districts this year. This survey will integrate data from six crore farmers into national registries, streamlining access to agricultural services.
The budget also addresses the aquaculture sector with a new financial support scheme. A network of nucleus breeding centres for shrimp brood stocks will be established, with funding for shrimp farming and exports facilitated through the National Bank for Agriculture and Rural Development (NABARD). This initiative is expected to boost the shrimp farming industry and its export potential.
In addition, the Finance Minister announced a new national cooperation policy. This policy aims to ensure the systematic and orderly development of the cooperative sector. Its objectives include accelerating the growth of the rural economy and creating significant employment opportunities.
Overall, the Budget 2024 reflects a strong focus on improving agricultural infrastructure, enhancing digital capabilities, and supporting both traditional and emerging sectors within agriculture.
