Budget 2024 Announcements for the Agriculture Sector

Finance Minister Nirmala Sitharaman has unveiled several key measures for farmers as part of the Budget 2024. This year, the central government has prioritized bolstering agricultural infrastructure, integrating technology into farming, and encouraging a shift towards natural farming practices.

Presenting the Union Budget 2024 in Parliament on Tuesday (July 23), Finance Minister Nirmala Sitharaman emphasized the government’s commitment to uplifting farmers. With an allocation of Rs 1.52 lakh crore dedicated to the agriculture sector, the budget aims to enhance farmers’ incomes through a series of strategic initiatives. However, no changes were announced regarding the Pradhan Mantri Kisan Samman Nidhi or the Minimum Support Price (MSP) increase.

Key Benefits for Farmers

In this year’s budget, Rs 1.52 lakh crore has been earmarked for the agriculture sector to fortify its infrastructure. Finance Minister Sitharaman announced plans to promote natural farming nationwide, with supportive measures for Gram Panchayats eager to implement these initiatives.

Kisan Credit Card Expansion

During the Budget 2024 announcement, it was revealed that the government will advance digital infrastructure across 400 districts, enhancing land registry systems for farmers. Furthermore, the Kisan Credit Card scheme will be expanded to include five additional states.

Announcement of launching 109 varieties for 32 crops

While presenting the budget, the Finance Minister said that under developed India, the government’s focus has been on the poor, women, youth and farmers. The Finance Minister said that the emphasis was on preparing 1 crore farmers in the country in 2 years for natural farming. 109 varieties will be launched for 32 crops for quality farming.

10 thousand bio resource centres will be built

To increase the production of crops and to increase the nutrition of soil, seeds and produce, the Finance Minister said that 10 thousand bio resource centres have been established. Under the Pulses and Oilseeds Mission, the emphasis is on self-reliance. The supply chain will be developed further. FPOs and cooperatives have been developed.

Government will issue climate friendly crops

While presenting the general budget, the Finance Minister said that in the next two years, one crore farmers will be given help for natural farming. For self-reliance, the government will focus on pulses and oilseeds mission. 32 high-yielding and climate-friendly varieties of crops will be released. Apart from this, 109 new varieties of horticultural crops will be released. Apart from this, he said that there will be an emphasis on increasing agricultural productivity and developing climate-friendly varieties.

Budget 2024 “Agri-Highlights”:

• “The people of India have reposed their faith in the government led by PM Modi, re-electing it for a historic third term,” stated Finance Minister Nirmala Sitharaman.

• The Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) has been extended for five years, benefiting over 80 crore people.

• Focusing on the needs of the poor, women, youth, and farmers, the government announced higher Minimum Support Prices (MSPs) for major crops, ensuring at least a 50% margin over costs.

• A Prime Minister’s package comprising five schemes and initiatives will provide employment, skills, and opportunities for 4.1 crore youth over five years, with a central outlay of Rs 2 lakh crore. Rs 1.48 lakh crore is allocated for education, employment, and skill development this year.

• Finance Minister Sitharaman outlined a roadmap featuring nine priorities to generate opportunities in India, including Agriculture, Employment, Inclusive Development, Manufacturing and Services, Urban Development, Energy, Infrastructure, Innovation, R&D, and Next-Gen reforms.

• New high-yielding, climate-resilient varieties of 32 field and horticulture crops will be introduced, benefiting farmers across the country. One crore farmers will transition to natural farming with support for certification and branding over the next two years.

• The government will strengthen the production, storage, and marketing of pulses and oilseeds to achieve self-sufficiency. Strategies for Aatmanirbharta (self-reliance) in oilseeds like mustard, groundnut, sesame, soybean, and sunflower are in place. Large-scale vegetable production will be developed near major consumption centres, promoting farmer producer organizations, cooperatives, and startups for vegetable supply chains.

• In collaboration with states, the government will promote digital public infrastructure (DPI) for agriculture, aiming to cover farmers and their lands within three years. A digital crop survey for Kharif crops using DPI will be conducted in 400 districts this year, integrating six crore farmers and their lands into the registry. The Jan Samarth-based Kisan Credit Card will be enabled in five states.

• Financial support for shrimp production and export will include establishing a network of Nucleus Breeding Centres. NABARD will facilitate financing for shrimp farming, processing, and export.

• Building on the success of the PM Swanidhi scheme for street vendors, a new plan will promote 100 weekly haats in select cities over the next five years.

• A National Cooperation Policy will support the systematic development of the cooperative sector, accelerating rural economic growth and creating large-scale employment opportunities. An allocation of Rs 1.25 lakh crore is made for agriculture and allied sectors this year.

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