Budget 2024: ₹1.52 Lakh Crore Set Aside For Agriculture And Allied Sectors By FM Sitharaman

In her presentation of the Union Budget for the fiscal year 2024-25, Finance Minister Nirmala Sitharaman announced a significant allocation of ₹1.52 lakh crore to the agriculture and allied sectors. The budget highlights a strong focus on research and development (R&D) in agriculture, aiming to bolster the production, storage, and marketing of pulses and oilseeds.

Key Initiatives and Funding

Sitharaman emphasized the importance of achieving self-reliance, or “atmanirbharta,” particularly in the production of oilseeds such as mustard, groundnut, sesame, soybean, and sunflower. She stated, “We will strengthen their production, storage, and marketing” to ensure greater self-sufficiency in these essential crops.

To enhance vegetable supply chains, the budget proposes the development of large-scale clusters near major consumption centers. Sitharaman outlined plans to support farmer producer organizations, cooperatives, and startups involved in vegetable supply chains, including collection, storage, and marketing.

Digital Infrastructure and Farmer Support

The budget introduces a three-year plan to establish digital public infrastructure for agriculture, aiming to cover farmers and their lands comprehensively. A digital crop survey for Kharif crops will be conducted in 400 districts this year, integrating details of six crore farmers and their lands into comprehensive registries. Additionally, the issuance of Jan-Samarth based Kisaan Credit Cards will be initiated in five states.

Support for Aquaculture and Cooperatives

Recognizing the potential of aquaculture, the budget allocates funds for the creation of nucleus breeding centers for shrimp broodstocks. Financial support for shrimp farming and exports will be facilitated through the National Bank for Agriculture and Rural Development (NABARD).

Furthermore, a new national cooperation policy will be introduced to ensure the systematic and orderly development of the cooperative sector. This policy aims to accelerate the growth of the rural economy and generate substantial employment opportunities.

The announcements reflect a robust commitment to advancing India’s agricultural sector, improving self-reliance, and supporting rural development through targeted investments and strategic planning.