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Highlights of the Union Budget FY 2024-25 for the Agriculture Sector


The Union Budget for FY 2024-25 has unveiled a range of measures aimed at bolstering the agriculture sector in India, reflecting a commitment to both immediate support and long-term transformation. With the Indian economy continuing its robust growth, the budget emphasizes strategic investments and policy changes designed to enhance productivity, sustainability, and self-sufficiency in agriculture. Key allocations include substantial funding increases for critical areas such as agriculture research, natural farming, and infrastructure development to support farming communities nationwide.

Table of Contents

Initiatives for Agriculture in the Union Budget 2024-25

Economic Growth

  • In 2023-24, the Indian economy achieved an overall GDP growth rate of 8.2%, with projections indicating it will stay above 7% in FY25.

Budget Allocation for Agriculture & Allied sectors

  • The budget allocates Rs 1.52 trillion for agriculture and allied sectors.
  • The Ministry of Agriculture and Farmers' Welfare has been allocated Rs 1.22 trillion (BE), reflecting a 5% increase that barely offsets inflation.
  • The Ministry of Fisheries, Animal Husbandry, and Dairy has increased its allocation by 27%, from Rs 56 billion (RE) in FY24 to Rs 71 billion (BE).

Transforming Agriculture Research

  • A comprehensive review of the agriculture research setup will be conducted to enhance focus on increasing productivity.

Release of New Varieties

  • Farmers will have access to 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops for cultivation.

Natural Farming

  • Over the next 2 years, 1 crore farmers nationwide will be introduced to natural farming, supported by certification and branding. 
  • Additionally, 10,000 need-based bio-input resource centres will be established.

Missions for Pulses and Oilseeds

  • The GOI will enhance the production, storage, and marketing of pulses and oilseeds to achieve self-sufficiency and 'atmanirbharta' in oilseeds like mustard, groundnut, sesame, soybean, and sunflower.

Vegetable Production & Supply Chains

  • Large-scale vegetable production clusters will be developed near major consumption centres.
  • Farmer-producer organisations (FPOs), cooperatives, and start-ups will be promoted to manage the supply chain, including collection, storage, and marketing.

Digital Public Infrastructure (DPI) for Agriculture

The GOI, in collaboration with states, will implement the Digital Public Infrastructure (DPI) in agriculture to cover farmers and their lands within 3 years.
  • This year, conduct a digital crop survey for Kharif across 400 districts. 
  • Include details of 6 crore farmers and their lands in the registries.
  • Issue Jan Samarth-based Kisan Credit Cards in 5 states.

Shrimp Production & Export

Provide financial support to establish a network of Nucleus Breeding Centres for Shrimp Broodstocks.
  • NABARD will facilitate financing for shrimp farming, processing, and export.

National Cooperation Policy

  • A National Cooperation Policy will be formulated to accelerate rural economic growth and create employment opportunities.

Conclusion

The Union Budget FY 2024-25 sets a transformative agenda for the agriculture sector, marked by significant investments and strategic initiatives. By enhancing research, expanding natural farming practices, and developing robust infrastructure for vegetable production and shrimp farming, the government aims to elevate agricultural productivity and sustainability. The focus on digital infrastructure and farmer support systems underscores a forward-looking approach to integrating technology and improving market access. As these measures take effect, they promise to strengthen the sector, support farmer livelihoods, and contribute to the broader goal of economic growth and self-reliance.

Highlights of the Union Budget FY 2023 - 24 for the Agriculture sector - Click Here
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