Budget 2023: Union Finance Minister Nirmala Sitharaman is presenting the Union Budget for the upcoming fiscal year. This is the last full-fledged budget of the of Prime Minister Narendra Modi-led government’s second term. The FM made a slew of new announcements for the agricultural sector, announcing new benefits for farmers and agri-startups.
Agriculture Credit Target to be raised to Rs 20 lakh crore
Agriculture Credit Target to be increased to ₹20 lakh crores, with focus on animal husbandry, dairy, and fisheries, the Finance Minister announced. She also added that a new sub-scheme of PM Matsya Sampada Yojana will also be launched with a targeted investment of Rs. 6000 crores.
“Entire Expenditure of around 2 lakh crore to be borne by Center to ensure Food security needs of the nation. Agri credit to be enhanced to 20 lakh crore,” she added.
Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up, said FM Nirmala Sitharaman
‘63,000 Primary Agricultural Credit Societies being computerised’
“63,000 Primary Agricultural Credit Societies are being computerized with investment of Rs. 2,516 crores; model bylaws were formulated for PACS, national database is being prepared, with this, massive decentralized storage capacity to be set up,” Sitharaman said.
“This will help farmers store their produce and realize better prices for their produce, Govt. will faciliate setting up of larger number of coop societies, primary fishery societies and dairy coop societies in uncovered villages in next 5 years,” she added.
Also read: Budget 2023: FM Sitharaman lists ‘saptrishi’ of Union budget required for ‘Amrit Kaal’
PM-PRANAM Yojana to enhance alternatives fertllisers
PM PRANAM – Programme for restoration, awareness, nourishment and amelioration of Mother Earth will be launched to incentivise states and UTs to promote alternative fertilisers, Sitharaman said.
Agriculture Accelerator Fund will be set up for agri-startups
She said young entrepreneurs will be setting up Agriculture Accelerator Fund will to encourage agri-startups by young entrepreneurs. 9.6 crore LPG connections, 220 crore Covid vaccination for 102 crore people given, 47.8 crore JanDhan accounts opened, she said.
“The Agri Accelerator Fund is a good step, it will help young entrepreneurs navigate government regulations and connect all stakeholders in the farm supply chain and network. It may prove to be a game changer in addressing chronic problems in India’s agri value chains,” the FM said.
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