Union Budget 2024-25: Interim Budget Will Aim To Boost Agricultural Sector To Enhance Food Security, Ensure Inclusive Growth in Economy
The Interim Budget to be presented by Finance Minister Nirmala Sitharaman on February 1 will aim to give a major boost to the agricultural sector in order to enhance the country’s food security and ensure inclusive growth in the economy.
New Delhi, January 21: The Interim Budget to be presented by Finance Minister Nirmala Sitharaman on February 1 will aim to give a major boost to the agricultural sector in order to enhance the country’s food security and ensure inclusive growth in the economy. There is expected to be a significant increase in the allocation for various schemes to raise production in the farm sector.
The government is also considering a proposal to increase the annual payment of Rs 6,000 that is given to small and marginal farmers under the PM’s flagship Kisan Samman Nidhi (PM-KISAN) scheme, according to sources. The scheme has turned out to be a huge success as over Rs 2.8 lakh crore has been disbursed to 11 crore farmers till now, with the money going directly into their bank accounts in three instalments over a year, under the Direct Benefit Transfer system (DBT). Union Budget 2024–25: Interim Budget on February 1 Likely To See Continued Govt Thrust on Big-Ticket Infrastructure Projects to Drive Economic Growth.
According to sources, the amount being given to male farmers may be raised to Rs 9,000 while the disbursement to women farmers may go up even higher to Rs 12,000 as part of the government’s policy to empower women. However, the exact numbers are still being worked out, keeping the budget deficit in mind. While the budget for 2023-24 had allocated Rs 1.25 lakh crore to the farm sector, this outlay will be increased in the Interim Budget.
An additional Rs 1.8 lakh crore is expected to be earmarked for providing fertiliser subsidies to farmers which helps to cut the cost of production. The outlay for the Kisan Credit Card (KCC) for which Rs 23,000 crore was allocated in 2023-24 is also likely to be raised. There are about 86 per cent small farmers in the country, who benefit from the scheme. Explainer on Union Budget of India: Everything You've Ever Wanted To Know About an Interim Budget.
Schemes for the benefit of farmers such as the Pradhan Mantri Fasal Bima Yojana and the formation of new Farmer Producer Organisations (FPOs) may also see an increase in allocations. Pradhan Mantri Fasal Bima Yojana has assumed greater importance as freak weather occurrences due to climate change pose a higher risk to crops and the scheme helps to safeguard farmers.
The FPOs help in organising small and medium farmers to get a better price for their produce and increase their earnings. The Interim Budget will also focus on animal husbandry, dairy and fisheries, under various loan schemes being made available for these segments.
(The above story first appeared on LatestLY on Jan 22, 2024 08:17 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).