Union Budget 2024: Govt Allocates Rs 1.52 Lakh Crore For Agriculture And Allied Sectors

Union Budget 2024: In the previous budget presented by FM Sitharaman in February 2024, the government extended financial aid to 118 million farmers through the PM Kisan Samman Nidhi scheme

Union Budget 2024:

Source : ABPLIVE AI

Finance Minister Nirmala Sitharaman announced that the government allocated Rs 1.52 Lakh crore for agriculture and allied sectors in the Union Budget 2024 while presenting the Budget in parliament on Monday. Sitharaman said, "New 109 high-yielding and climate resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers. In the next 2 years, 1 crore farmers will be initiated into natural farming supported by certification and branding."

Building on the pilot project's success, FM said that the government, in collaboration with the states, will support the rollout of Digital Public Infrastructure (DPI) in agriculture to cover farmers and their lands within three years. This year, digital crop surveys for Kharif will commence in 400 districts using DPI. Information for six crore farmers and their lands will be integrated into farmer and land registries. Additionally, the issuance of Jan Samarth-based Kisan Credit Cards will be facilitated in five states, she said during her budget speech.

"Our government will undertake a comprehensive review of the agriculture research set up to bring the focus on raising productivity and developing climate resilient varieties. Funding will be provided in challenge mode, including to the private sector. Domain experts both from the government and outside will oversee the conduct of such research," FM added.

FM further said that the government will introduce a National Cooperation Policy to ensure the cooperative sector's systematic, orderly, and comprehensive development. The primary objective of this policy will be to accelerate rural economic growth and create significant employment opportunities. The government will also provide "financial support for setting up a network of Nucleus Breeding Centres for Shrimp Broodstocks will be provided. Financing for shrimp farming, processing and export will be facilitated through NABARD."

In the previous Budget presented by FM Sitharaman in February 2024, the government extended financial aid to 118 million farmers through the PM Kisan Samman Nidhi scheme, providing Rs 6,000 annually per farmer in three equal instalments. Additionally, it was announced that crop insurance will be made available to 40 million farmers.

"For ensuring faster growth of the sector, our Government will further promote private and public investment in post-harvest activities including aggregation, modern storage, efficient supply chains, primary and secondary processing and marketing and branding," Sitharaman said at the time while presenting the interim Budget.