Budget 2024: Focus on nano DAP, food processing, post-harvest initiatives
- Strategies will be developed to enhance oilseed production towards self-sufficiency and establish five integrated aqua-parks for aquaculture.
New Delhi: Finance minister Nirmala Sitharaman on Thursday announced various initiatives, while presenting the interim budget for fiscal year 2024-45, aimed at advancing India's agriculture and allied sectors.
These include the use of nano DAP for diverse crops following the introduction of nano urea (introduced in FY21) , encouraging private-public investments in modern agriculture to minimize post-harvest losses, and improve storage, and formulating a comprehensive programme to support dairy farmers.
Additionally, strategies will be developed to enhance oilseed production towards self-sufficiency and establish five integrated aqua-parks for aquaculture.
“The efforts of value addition in the agriculture and food processing sectors and boosting farmers’ incomes will be stepped up. Pradhan Mantri Kisan Sampada Yojana has benefitted 3.8 million farmers and generated 1 million employment," Sitharaman said while presenting her budget speech.
The Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana (PMFME) has provided significant support, assisting 240,000 self-help groups (SHGs) and 60,000 individuals with credit linkages, furthering efforts to reduce post-harvest losses and enhance productivity and incomes, the minister said.
The FY25 budget has allocated ₹3,290 crore to the ministry of food processing, a slight increase from ₹3,288 crore in FY24. This allocation includes a substantial increase for the PMFME scheme to ₹880 crore, up from the current year's budget of ₹639 crore.
In January, Mint had reported that about ₹900 crore may be allocated for the PMFME scheme.
The government plans to promote private and public investment in post-harvest activities, including aggregation, modern storage, and efficient supply chains, Sitharaman said.
A strategy will be developed, building on the initiative announced in 2022, to achieve self-reliance in oilseed production, covering aspects from high-yield research to market linkages, she added.
The agriculture and farmers welfare ministry has been allocated ₹1.17 trillion in the FY25 budget, marginally higher than the previous fiscal year, while the chemicals and fertiliser ministry's allocation stood at ₹1.64 trillion. Approximately ₹1.64 trillion has been earmarked for fertilizer subsidy.
Building on the success of nano urea, Sitharaman announced the expansion of nano DAP application across various crops and agro-climatic zones.
For dairy farming, a comprehensive support programme is in the pipeline, aiming to enhance productivity in the world's largest milk-producing country. The initiative will incorporate existing schemes like the Rashtriya Gokul Mission and National Livestock Mission.
The fisheries sector, recognizing its growing importance, will see an increase in aquaculture productivity and exports through the Pradhan Mantri Matsya Sampada Yojana (PMMSY), with plans to set up five integrated aquaparks.
The ministry of fisheries, animal husbandry, and dairying has been provided a budget of ₹7,106 crore, an increase from the previous year's revised allocation of ₹5,621 crore.
"The thrust will be on improving the lives of farmers and the schemes of PM Kisan and NREGA will continue to be the front-line programmes. Two schemes which will be the focus going ahead are the insurance programme for farmers and the integration of mandis under e-NAM which can improve the overall conditions of farmers for hedging quantitative risk and marketing respectively,” said Madan Sabnavis, chief economist, Bank of Baroda.
“Fertilizer subsidy lowered based on expectations of unchanged crude oil prices. This can change if there is any spike in prices," he added.
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Business NewsIndustryAgricultureBudget 2024: Focus on nano DAP, food processing, post-harvest initiatives
First Published:1 Feb 2024, 03:17 PM IST
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