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Union Budget 2024-25: Big Push for Agriculture to Improve Productivity, Revolutionize Agricultural Research

• ByStartupStory     |    July 23, 2024

In a significant move to prioritize the welfare of farmers and the development of the agriculture sector, Finance Minister Nirmala Sitharaman, during the presentation of the Union Budget 2024-25 on July 23, announced a comprehensive review of the agricultural research set-up. The focus will be on improving productivity and developing climate-resilient crop varieties. An allocation of ₹1.52 lakh crore has been made for agriculture and allied sectors.

“The government will undertake a comprehensive review of agricultural research set-up to bring focus on improving productivity and develop climate-resilient varieties,” Sitharaman stated in her Budget speech.

Digital Public Infrastructure in Agriculture

The Finance Minister highlighted the government’s plans to collaborate with states to promote digital public infrastructure in agriculture. “Funding will be provided in challenge mode including to the private sector and domain experts from the govt and outside will oversee the conduct of such research,” she said.

VIDEO | Union Finance Minister Nirmala Sitharaman (@nsitharaman) begins her Budget speech.#Budget2024WithPTI

(Full video available on PTI Videos – https://t.co/n147TvqRQz) pic.twitter.com/rxDwx5THgx

— Press Trust of India (@PTI_News) July 23, 2024

Sitharaman also announced the initiation of 1 crore farmers into natural farming within the next two years, supported by certification and branding. The implementation will be managed through scientific institutions and willing Gram Panchayats.

High-Yielding and Climate-Resilient Varieties

In a bid to enhance crop yields and resilience, Sitharaman revealed that 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers.

Pulses and Oilseeds Mission

Strengthening the production, storage, and marketing of pulses and oilseeds is also a key priority. “A strategy is being put in place to bring in Atma Nirbharta in oilseeds such as mustard, groundnut, sesame, soybean and sunflower,” Sitharaman announced.

Vegetable Production Clusters

To support vegetable production, large-scale clusters will be established near consumption centers. The government will promote farmer producer organizations, cooperatives, and startups for the vegetable supply chains, including connection, storage, and marketing.

Financial Support for Shrimp Farming

The government will also extend financial support for shrimp farming, processing, and export, as part of its broader agricultural development strategy.

Digital Crop Survey

On the digital front, a digital crop survey for kharif will be initiated in 400 districts this year. “The details of six crore farmers and their land will be brought into farmer and land registries. The issuance of Jan Samarth-based kisan credit cards will be enabled in five States,” Sitharaman noted.

National Cooperation Policy

A new National Cooperation Policy will be implemented to ensure systematic and orderly development of the cooperative sector, aiming to fast-track rural economic growth and generate employment opportunities on a large scale.

Historic Budget Presentation

Nirmala Sitharaman marked a historical milestone by presenting her seventh straight Budget, making it the first Budget by the BJP-led NDA government since its re-election last month. Sitharaman has been the Union Finance Minister since 2019 and has presented six consecutive budgets, including an interim one earlier this year due to the Lok Sabha polls held from April to June. The former Prime Minister Morarji Desai had presented five full budgets and one interim budget between 1959 and 1964.

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