Union Funds 2024: Nirmala Sitharaman Allocates ₹ 1.50 Lakh Crore To Agriculture, Slashes Meals Subsidies

New Delhi: Union Finance Minister Nirmala Sitharaman, whereas presenting the Funds 2024, introduced a considerable allocation of ₹ 1.50 lakh crore devoted to the agriculture sector. The price range emphasizes enhancing productiveness and resilience, with a concentrate on introducing 10 million farmers to pure farming practices over the subsequent two years. “New 109 high-yielding, climate-resilient varieties will likely be launched to farmers. Moreover, 10,000 need-based bio-input centres will likely be established to strengthen the manufacturing, storage, and advertising and marketing of oilseeds,” she stated on July 23, 2024.

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Nonetheless, the price range additionally sees a discount in subsidy charges for fertilizers and meals. The meals subsidy price range is projected at ₹ 2,05,250 crore, marking a 3.34% lower from the revised estimates for FY 2024. The fertilizer subsidy has been diminished by ₹ 1 lakh crore, or 13.18%, now fastened at ₹ 1,64,000 crore in comparison with the precise expenditure in FY 2022-23.

All the meals subsidy has now been consolidated below the Pradhan Mantri Gareeb Kalyan Anna Yojana (PMGKAY). Beneath this scheme, the central authorities will present 5 kilograms of free wheat or rice to all eligible individuals each month for the subsequent 5 years.

Moreover, the finance minister introduced plans to advertise digital public infrastructure in collaboration with state governments. This initiative goals to offer farmers with entry to essential info equivalent to climate forecasts, market costs, and crop advisory providers.

“A digital crop survey for Kharif will likely be carried out in 400 districts in FY 2025. The issuance of Jan Samarth-based Kisan Credit score Playing cards will likely be enabled in 5 states. Financing for shrimp farming, processing, and export will likely be facilitated via the Nationwide Financial institution for Agriculture and Rural Growth (NABARD),” Sitharaman introduced.

In comparison with final 12 months’s price range, the finance ministry has allotted ₹ 10,000 crore to the value stabilisation fund, benefiting farmers. This transfer goals to handle value rises. Final 12 months’s price range had an allocation of solely ₹ 10 lakh for this fund.

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This complete strategy signifies a shift in the direction of a extra sustainable and resilient agricultural framework whereas addressing the instant monetary constraints via diminished subsidies.