Agriculture Budget 2024: Big boost for farmers, agriculture and aquaculture sector!

The Indian government's Interim Budget 2024, presented today by Finance Minister Nirmala Sitharaman, had some exciting news for farmers, fishermen, and food processors.

The Interim Budget for 2024, presented by Finance Minister Nirmala Sitharaman on February 1, 2024, brought positive developments for the agriculture sector. Several initiatives were announced to enhance farmers' income, encourage value addition, and promote overall growth.

Pradhan Mantri Kisan Sampada Yojana (PMKSY)

The government plans to intensify efforts under PMKSY, a scheme that has already benefited 38 lakh farmers and generated 10 lakh jobs. The focus is on promoting value addition to further increase farmers' income.

Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana (PMFMEY)

With 2.4 lakh Self Help Groups (SHGs) and 60,000 individuals benefiting from PMFMEY, the government will continue supporting micro-processing to reduce post-harvest losses and enhance incomes.

Encouraging Private Investment

Recognizing the importance of private and public investment in agricultural growth, the government will concentrate on modernizing post-harvest infrastructure, improving supply chains, and enhancing processing and marketing facilities. Additionally, efforts will be made to build strong brands for Indian agricultural products to boost both domestic and international demand.

Achieving Self-Sufficiency in Oilseeds

To attain 'Aatmanirbhar' in mustard, groundnut, sesame, soybean, and sunflower, the government will invest in research for high-yielding varieties, promote modern farming techniques, improve market linkages and procurement, and encourage value addition and crop insurance.

Supporting Dairy Farmers

With a comprehensive program, the government aims to control foot and mouth disease, build on existing schemes like Rashtriya Gokul Mission and National Livestock Mission, and provide infrastructure support for dairy processing and animal husbandry.

Boosting Fisheries

Through the Pradhan Mantri Matsya Sampada Yojana (PMMSY), the government aims to double aquaculture productivity, increase seafood exports, create new jobs in the fisheries sector, and establish integrated aquaparks.

Insights:

• The government's focus includes both direct support to farmers through income schemes and creating an environment conducive to private investment and growth.
• Prioritizing value addition and improved infrastructure aims to reduce losses and enhance farmer profits.
• Achieving self-sufficiency in critical agricultural products like oilseeds remains a priority.
• Recognizing the significance of investing in animal health and infrastructure to boost the dairy sector.
• Fisheries present substantial potential for growth and job creation.

This budget holds promise for the development and modernization of the Indian agricultural sector. By successfully implementing these initiatives, the government hopes to improve farmers' lives, ensure food security, and contribute to the overall economic growth of the country.