Finance Minister Nirmala Sitharaman allocated Rs 1.52 lakh crore for agriculture and allied sectors while presenting the Union Budget for the fiscal year 2024-25 in Lok Sabha on Tuesday.
Sitharaman emphasized the importance of research and development in the agriculture sector, announcing substantial funding for R&D initiatives, particularly focusing on the production, storage, and marketing of pulses and oilseeds. This initiative aims to achieve self-reliance in oilseeds such as mustard, groundnut, sesame, soybean, and sunflower.
To enhance the supply chain of vegetables, the budget proposes the development of large-scale clusters for vegetable production near major consumption centers.
A three-year plan to facilitate the digital public infrastructure for agriculture was also announced, aiming to cover farmers and their lands comprehensively.
A digital crop survey for Kharif crops will be conducted in 400 districts this year, integrating the details of six crore farmers and their lands into farmer and land registries.
The minister said that in the next two years, one crore farmers across the country will be initiated for the natural farming supported by certification and branding. Ten thousand need based bio input resource centres will be established.
Recognizing the potential of aquaculture, the budget provides financial support for setting up a network of nucleus breeding centers for shrimp broodstocks. Financing for shrimp farming and exports will be facilitated through the National Bank for Agriculture and Rural Development (NABARD), aiming to boost this lucrative sector.
A new national cooperation policy will be introduced to ensure the systematic, orderly, and all-round development of the cooperative sector. This policy aims to fast-track the growth of the rural economy and generate employment opportunities on a large scale.