{"id":4800,"date":"2024-01-31T05:56:47","date_gmt":"2024-01-31T11:26:47","guid":{"rendered":"https:\/\/khetigaadi.com\/news\/?p=4800"},"modified":"2024-12-28T17:38:20","modified_gmt":"2024-12-28T12:08:20","slug":"agriculture-sector-expect-budget","status":"publish","type":"post","link":"https:\/\/khetigaadi.com\/news\/agriculture-sector-expect-budget\/","title":{"rendered":"What Should Agriculture Sector Expect from the budget 2024?"},"content":{"rendered":"\n<p class=\"has-black-color has-text-color has-link-color wp-elements-0aff08e0d9ae2bd953802acc8836ed9b\">The entire country is focused on February 1, 2024, as Finance Minister Nirmala Sitharaman will unveil the 2024 interim budget on this day. The budget year 2024\u201325 is rapidly approaching. India is a country primarily focused on agriculture, and this industry receives significant funding every year.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-2ec31ea454cb818ea5be7f16fc93420b\">The country&#8217;s eyes are focused on February 1, 2024, as Finance Minister Nirmala Sitharaman is scheduled to unveil the 2024 interim budget. The budget for 2024\u201325 is drawing near. India is mostly an agricultural country, and this industry receives significant funding in each budget.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-789afa84798629f400b90ebc95f2984d\">Let&#8217;s see what this sector might earn from the budget for 2024.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-960740fa34bcb73a668c54e4f7fcdfd1\">Experts predict that in the next budget for 2024, the government will raise the Agricredit aim. The estimated sum is between Rs. 22 and Rs. 25 lakh crores. The government will take action to guarantee that qualified farmers will receive this credit.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color has-large-font-size wp-elements-492d5c392c71d0e8300c8d45a6fcc549\"><strong>Agri Credit Upgrade:<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-2fd6fe76a2919aa3bdf47ea3aa1a31d2\">As of now, 82% of the Rs 20 Lakh crore Agri credit target has been reached by the end of December 2023. The agriculture and rural sectors would likely continue to be given priority in this interim budget for 2024, according to the Director General of the industry association CII Chandrajit Banerjee.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color has-medium-font-size wp-elements-d94fc329cd9478a1b892f47a3c45be9f\"><strong>Grant for Fertilizers:<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-795b2c1a3e2ef85451c00cf22e7310ea\">CII contends that there is a need for a more rationalization of the present fertilizer and food subsidies.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-c7970bdb30a8c7d358d3a8f592de2191\">The data from the 2011\u201312 Household Consumer Expenditure Survey serves as the foundation for the current Indian food subsidy scheme. To build such an important subsidy scheme, this is an antiquated database. Therefore, a plan to implement the latest data should be developed by the Indian government.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-880cf2e7f9e3bdd3c06bb434fff4f2cb\">A subsidy of Rs. 4 trillion is anticipated for fertilizers in the next fiscal year. In FY25, food subsidies are expected to cost $26.52 billion, about 10% more than the $24.11 billion allotted in FY24, according to the Ministry of Consumer Affairs, Food, and Public Distribution&#8217;s forecasts.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color has-medium-font-size wp-elements-9f5912c21b0ea312ca7140e300cee1a1\"><strong>taxes on R&amp;D expenditures:<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-45ab81b4fa5cf34e67b756921ffbbb46\">Additionally, the government is granting a 200% tax rebate on R&amp;D spending in order to encourage breakthroughs in agriculture. The CEO of Namdhari&#8217;s Group, Gurmukh Roopra, asserts that the forthcoming 2024 budget need to include this tax rebate as well. This will motivate producers of tractors and other agricultural mechanization companies to continually prioritize research.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color has-medium-font-size wp-elements-0355b86a85633cd15f5f8b29f0960b11\"><strong>Increased Focus on Farm Automation:<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-b31eaa63d919dc8100f3bb584923c44a\">India is an agricultural country, although there is not much farm mechanization there. Mechanization of the agricultural sector is at just 40%, a far cry from the 75% and 57% of China and Brazil, respectively.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-76c909414fcfbb893bea2e90d08117e1\">Given that the number of workers in the agricultural industry is expected to decline in the near future, now is the right moment for the Indian government to refocus its efforts on farm mechanization. There have been significant changes in agricultural employment over the past 60 years.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-35b2a177214a4c3d10231ab96bec2441\">As an illustration, in 1980 72% of Indians were employed in agriculture; by 2000, that percentage had dropped to 60%.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-969b6bb011cec07102d5a7ea7938c4bc\">The agriculture industry employed 43 percent of India&#8217;s workforce in 2022. Research on the market indicates that this labor share will eventually drop to as low as 25%. Given that farm mechanization helps address labor shortages, it is highly valued in light of the ongoing decline in the number of farmers.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-e63a6161654084f67031703b74dba17c\">Furthermore, given India&#8217;s declining productivity, farm mechanization is imperative. India falls short of China, whose agricultural productivity per hectare is 5 tons for wheat and 6.7 tons for rice. Just 2.4 tons of rice and 3 tons of wheat are produced per hectare in India.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-d508b5aa86e814a41586085156b15369\">Farming mechanization and providing incentives for tools are two strategies that could increase overall production.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color has-medium-font-size wp-elements-10296a248e24e6a69a1ea92a4a74747a\"><strong>What Are Industry Experts&#8217; Opinions on the 2024 Projected Budget?<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-b88bcf41e81d5b27df80268a6846c94e\">Mr. Narinder Mittal, Managing Director &amp; Country Manager, CNH India &amp; SAARC, believes there is a lot of potential in this industry. He said, &#8220;We expect a forward-looking Union Budget this year as well, given that the government has made agriculture a top priority.&#8221; We hope to see policies that can further support the use of innovation and technology to improve agri-mechanization in our nation, thereby preparing the agricultural sector for the future. Long-term industry success will depend on initiatives to raise farmers&#8217; knowledge of contemporary farming techniques, financial literacy, and other pertinent topics.&#8221;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-b88bcf41e81d5b27df80268a6846c94e\">Mr. Narinder Mittal, Managing Director &amp; Country Manager, CNH India &amp; SAARC, believes there is a lot of potential in this industry. He said, &#8220;We expect a forward-looking Union Budget this year as well, given that the government has made agriculture a top priority.&#8221; We hope to see policies that can further support the use of innovation and technology to improve agri-mechanization in our nation, thereby preparing the agricultural sector for the future. Long-term industry success will depend on initiatives to raise farmers&#8217; knowledge of contemporary farming techniques, financial literacy, and other pertinent topics.&#8221;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-628e2ec731bfbc6bdda86021b7c0e1a8\">Every budget made an effort to address the issues facing the farming industry and give significant financial support to both the farmers and the major players in this sector. The next budget is an interim budget for 2024; the final budget for 2024 is expected in July 2024, following the Lok Sabha elections.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-6108f4fe5cf9e30440b57a4282e34cf8\">Nevertheless, with its anticipated tax breaks, substantial Agri-credit, and fertilizer subsidies, this 2024 budget is probably going to make a significant contribution to the expansion of the agriculture sectors. Industry insiders advise the government to adopt a new stance in favor of mechanizing agriculture and providing subsidies for farm equipment.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-9ac00cf961d1ea846fe5a532228b76c6\"><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-9ac00cf961d1ea846fe5a532228b76c6\"><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-e49f071fbf7acdd312050e9ea517c05c\">Khetigaadi always keeps you updated by giving you accurate information related to tractor industry and farming. New models of tractors and agricultural implements and their use are the first to come to you on Khetigadi. We prominently publish news of government schemes. The monthly sales reports of major tractor companies <a href=\"https:\/\/khetigaadi.com\/new-tractor-brand\/massey-ferguson\/en\">Massey Ferguson<\/a>, Eicher Tractors etc. are the most read on our website. Contact us if you want to get a monthly subscription.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-ad72c2525542c16a8b029e5f8172cccd\">If you want to buy a new tractor at an affordable price, then you can choose the appropriate tractor from companies like Mahindra, Swaraj, TAFE, Sonalika, <a href=\"https:\/\/khetigaadi.com\/new-tractor-brand\/john-deere\/en\">John Deere <\/a>etc. We also provide you with tractor loan facility.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-d182a0b4c01b7076e7b7f116fc13f96f\">If you are willing to sell or buy new tractors and agricultural equipment and want more and more buyers and sellers to contact you and you get maximum price for your tractor or agricultural equipment, then your tractor \/ tractor for sale \/ tractor for sale is the best option. Share agricultural equipment with tractor farming.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-3698ff0fa7882a05b67b0b065f26bf61\">For more information, download the <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.khetigaadi&amp;hl=en_US\">Khetigaadi App.&nbsp;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The entire country is focused on February 1, 2024, as Finance Minister Nirmala Sitharaman will unveil the 2024 interim budget on this day. The budget year 2024\u201325 is rapidly approaching. India is a country primarily focused on agriculture, and this industry receives significant funding every year. The country&#8217;s eyes are focused on February 1, 2024, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,4,984,983,979,985,989,986,990],"tags":[153,123,108,201],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Should Agriculture Sector Expect from the budget 2024?<\/title>\n<meta name=\"description\" content=\"We provide all Agriculture News andAgriculture Sector budget information related to agriculture, &amp; updates of their advance technology.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/khetigaadi.com\/news\/agriculture-sector-expect-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Should Agriculture Sector Expect from the budget 2024?\" \/>\n<meta property=\"og:description\" content=\"We provide all Agriculture News andAgriculture Sector budget information related to agriculture, &amp; 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