Finance Minister Nirmala Sitharaman announced several key initiative programs for the agriculture sector and set a crucial budget for the agricultural sector on Saturday 1st of February which informed the Union Budget proposal.
The Government announced the budget allocation for the agriculture ministry that proposed a reduction of 2.75%, bringing it down to Rs 1.37 lakh crore for the upcoming fiscal year.
In spite of the reduction, the government also announced 11 key initiatives that will be followed while increasing the subsidized Kisan Credit Card loan limit to Rs 5 lakh from the existing Rs 3 lakh, benefiting 7.7 crore farmers, fishermen, and dairy farmers.
While presenting her speech she mentioned agriculture as “ the first engine of growth” and introduced Pradhan Mantri Dhan-Dhaanya Krishi Yojana targeting 100 low-productivity agri-districts, and a plan for benefiting approximately 1.7 crore farmers. This scheme mainly focuses on promoting agricultural productivity, crop diversification, developing post-harvest storage, and facilitating better irrigation facilities.
Moving forward with another significant step of developing the agricultural sector she pointed to towards Six-Year Mission for Pulses that aimed to active the self-sufficiency production of pulses by the year 2029-30, it specifically focuses on three main types of pulses tur (pigeon pea), urad (black gram), and masoor (red lentil).
Farmers interested in participating in this mission will need to register with the designated agencies.
The next important initiative she discussed in her budget is the National Mission on High Yielding Seeds which focuses on reascand development for necessary resources to innovate and develop superior seed varieties, along with that it also concentrates on the development of advanced seeds, including high-yield potential, pest resistance, climate resistance.
Also, the union budget introduces another scheme for farmers, the Makhana Board in Bihar aims to encourage the production, processing, and marketing of makhana, also known as fox nuts. The purpose of this board is to engage farmers for 90% of makhana cultivation in Bihar. Along with this, the government has allocated Rs 100 crore to the Makhana Board to address various challenges faced by farmers in this sector.
Presenting her next initiative in the agricultural field she announced
Investments in Fertilizer Production which is the biggest initiative of establishing the new urea plant in Namrup, Assam, with a capacity of 12.7 lakh metric tonnes per year.
India Post is set to play a transformative role in boosting the rural economy, a highlight of India Post as a Catalyst for the Rural Economy initiative. These programs enhance the ruler economy of India as 1.5 lakh rural post offices and a workforce of 2.4 lakh Dak Sevaks, will be repositioned as a key enabler for rural economic growth.
This budget reflects the commitment of the government to farmers' welfare with the comprehensive formation of initiatives that talk about encouraging the standard of the agricultural sector by promoting productivity, featuring advanced techniques, and ensuring farmers better livelihoods. With significant investments in schemes like the Prime Minister Dhan-Dhaanya Krishi Yojana and the Six-Year Mission for Pulses, alongside increased credit access and support for allied sectors.