INTERIM BUDGET 2024-25 PROMISES STEPPING UP VALUE ADDITION IN AGRICULTURAL SECTOR AND BOOSTING FARMERS’ INCOME

Farmer’s welfare and boosting rural demand is one of the main  highlights of interim budget 2024-25 presented by  Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in Parliament today.  Terming Farmers as our ‘Annadata’, Smt. Sitharaman stated that Minimum support prices for the produce of ‘Annadata’   are periodically increased appropriately. The Finance Minister said that every year, under PM-KISAN SAMMAN Yojana, direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers, while crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana. She stated that these, besides several other programmes, are assisting ‘Annadata’  in producing food for the country and the world and added that the worries about food have been eliminated through free ration for 80 crore people.

The interim budget 2024-25 has promised for stepping up value addition in agricultural sector and boosting of farmers’ income. Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman promised to further promote private and public investment in post-harvest activities including aggregation, modern storage, efficient supply chains, primary and secondary processing and marketing and branding to ensure faster growth of the agriculture and food processing sector.

 “The sector is poised for inclusive, balanced, higher growth and productivity. These are facilitated from farmer-centric policies, income support, coverage of risks through price and insurance support, promotion of technologies and innovations through start-ups.”, the Finance Minister mentioned in her speech.

She said Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and sixty thousand individuals with credit linkages. The finance minister added that other schemes are complementing the efforts for reducing post-harvest losses, and improving productivity and incomes. Smt. Sitharaman mentioned that Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment. The Finance Miniser said Electronic National Agriculture Market has integrated 1361 mandis, and is providing services to 1.8 crore farmers with trading volume of  Rs. 3 lakh crore.

“These and the provision of basic necessities have enhanced real income in the rural areas. Their economic needs could be addressed, thus spurring growth and generating jobs.”  the finance minister asserted. 

ATMANIRBHAR OIL SEEDS ABHIYAN

The interim budget 2024-25 presented by  Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman has said a strategy will be formulated to achieve ‘atmanirbharta’ for oil seeds such as mustard, groundnut, sesame, soybean, and sunflower. The Finance Minister mentioned in her speech that this will cover research for high-yielding varieties, widespread adoption of modern farming techniques, market linkages, procurement, value addition, and crop insurance.    

NANO DAP

“After the successful adoption of Nano Urea, application of Nano DAP on various crops will be expanded in all agro-climatic zones.” Union Finance Minister mentioned in her speech. 

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