Indian Finance Minister Nirmala Sitharaman presented her seventh Union Budget for the fiscal year 2024-25. A significant focus of this budget was on farmers and agriculture, marking a shift in the government’s approach. Previously criticized as the “suit-boot ki sarkar” favouring industrialists, the BJP-led NDA government is now being recognized for its emphasis on the “Annadata’s” of India.
Highlighting the priority of enhancing productivity and resilience in agriculture, Sitharaman allocated ₹1.52 lakh crore for farming and allied sectors. However, the reduction in fertilizer and food subsidies has drawn criticism from farmer organizations.
Sitharaman announced a comprehensive review of the agriculture research setup to focus on productivity and climate-resilient crops. “New 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers,” she stated.
The budget also promotes Farmer-Producer Organizations (FPOs), cooperatives, and start-ups for vegetable supply chains, including collection, storage, and marketing. Another key initiative is the implementation of Digital Public Infrastructure for Agriculture and a digital crop survey of kharif crops in 400 districts. Financial support will be provided for setting up Nucleus Breeding Centres for shrimp broodstocks through NABARD.
Union Minister of Agriculture Shivraj Singh Chouhan stated, “The Budget is dedicated to the development of the country and the welfare of the poor. The total allocation for the Department of Agriculture and Farmers Welfare is ₹1,22,528.77 crore, up from last year’s ₹1,16,788.96 crore. This includes ₹500 crore for the Namo Drone Didi Scheme.”
Key Announcements:
- Agriculture Research: Focus on productivity and climate resilience with 109 new crop varieties.
- National Cooperation Policy: Systematic development of the cooperative sector.
- Oilseed Self-Reliance: Promotion of mustard, groundnut, sesame, soybean, and sunflower.
- Vegetable Supply Chain: Support for FPOs, cooperatives, and start-ups.
- Natural Farming: Initiating 1 crore farmers into natural farming with certification and branding support.
- Shrimp Production: NABARD financing for shrimp farming, processing, and export.
- Digital Infrastructure: Digital crop survey in 400 districts and Kisan Credit Cards issuance.
