India's Ambitious Six-Year Pulse and Cotton Boost Plan

India announces a six-year program to enhance pulse and cotton output by implementing measures such as state-backed crop purchases at guaranteed prices. This initiative targets reducing pulse imports and supporting cotton R&D to address domestic production challenges amid rising demand and shrinking farmlands.

In a strategic move to bolster its agricultural output, India is set to launch an ambitious six-year program aimed at increasing the production of pulses and cotton. This plan, unveiled by Finance Minister Nirmala Sitharaman, will see state agencies purchasing crops at guaranteed prices, a measure designed to cut back on imports.

Currently, India, the largest producer and consumer of pulses, spends a significant $5 billion annually on imports to meet domestic demand. Key exporters include Canada and several African nations. The government now aims to procure domestic pigeon peas, black matpe, and red lentils directly from local farmers over the next four years.

Agriculture remains a core pillar of India's economy, employing nearly 45% of its workforce. Sitharaman's budget announcement also includes plans to develop high-yielding seed varieties and establish a urea plant to address nutrient supply. The government is additionally boosting the farm loan limit to support this critical economic sector.

(With inputs from agencies.)