Union Budget 2024-25: Major Boost for Agriculture and Allied Sectors

Finance Minister Nirmala Sitharaman allocates Rs 1.52 lakh crore to agriculture, focusing on R&D, self-reliance in oilseeds, digital infrastructure, and support for shrimp farming and cooperatives, in the Union Budget for 2024-25.

Finance Minister Nirmala Sitharaman has allocated Rs 1.52 lakh crore to agriculture and allied sectors in the Union Budget for 2024-25, unveiled in the Lok Sabha on Tuesday. Emphasizing the importance of research and development, she outlined significant funding for R&D initiatives, specifically targeting the production, storage, and marketing of pulses and oilseeds.

Sitharaman announced that the initiative aims to achieve 'atmanirbharta' (self-reliance) in oilseeds such as mustard, groundnut, sesame, soybean, and sunflower. Following up on interim budget announcements, she revealed strategies to bolster production and marketing efforts for these vital crops.

The budget also proposes creating large-scale vegetable production clusters near major consumption centers to enhance the supply chain. Sitharaman highlighted the promotion of farmer producer organizations, cooperatives, and startups for efficient vegetable collection, storage, and marketing.

In a move toward digital agriculture, Sitharaman introduced a three-year plan to develop digital public infrastructure covering farmers and their lands. This year, a digital crop survey for Kharif crops in 400 districts will integrate 6 crore farmers and their lands into registries, and Jan-Samarth-based Kisan Credit Cards will be issued in five states.

Recognizing the potential of aquaculture, the budget includes financial support for establishing nucleus breeding centers for shrimp broodstocks, with financing facilitated by NABARD. Additionally, a new national cooperation policy aims to foster systematic, orderly growth of cooperatives and fast-track rural economic growth and employment generation.