The eyes of the entire nation are always on the overall budget. The people had high expectations from this budget, especially after the system was put back on course after suffering the effects of Corona pandemic. When the budget was announced, budget there was a mixed response from the general public. The majority of people think it’s the budget of relief, however, others are also suggesting that there’s nothing for people of all ages in the budget. Let us discuss exactly what Nirmala Sitharaman has announced for the farmers in the budget.
Nirmala Sitharaman has announced
an increase of 11 percent in the target of farm credit for the coming financial year to 20 lakh crore. For farmers, the focus is on dairy, animal husbandry, and fisheries. This move has been made in the hope of offering additional loans for agriculture with concessional rates to farmers. The Budget for 2023-24 was announced. Finance Minister Nirmala Sitharaman announced that a brand new sub-scheme for the Pradhan Mantri Matsya Sampada Yojana will be launched with an investment of 6000 crore to fund the work of fishermen, fish traders, as well as small and micro companies. More efficient, increase the efficiency of the value chain, and create markets for fishing.
Customs duty on essential ingredients for the domestic production
of food products for lobsters will also be reduced. To encourage exports of seafood products, he said. The Finance Minister announced that the government would assist one crore farmers in to transition to organic farming. The government will also establish 10,000 bio-input resource centers. In order to make separate micro-nutrients or pesticide manufacture networks on a national scale.
Additionally, Sitharaman announced that the government
will launch an ‘Atmanirbhar Clean Plant Program’. To increase the availability of disease-free and high-quality plant material for crop horticulture with an investment of 2200 crores. The Finance Minister stated that the government would set up the Ag Accelerated Fund (AAF) to support the creation of Agri-startups run created by young entrepreneurs from rural regions. An infrastructure of agriculture that is digital will also be built to provide an inclusive, farmer-focused solution.
The Finance Minister announced that to ensure that India is an international hub for Millets, also known as “Shri Anna”. Hyderabad is the location. Indian Millets Research Institute was created to share top practices, research, and technology across the world. The support will come by way of the Center of Excellence. India is the biggest exporter and the second largest producer of coarse cereals around the globe.
There are many varieties of coarse grain such as
Jowar, Ragi, Bajra, Kuttu, Ramdana, Kangni, Kutki, Kodo, Cheena, and Sama are being grown in the country. She stated that coarse grains offer numerous health benefits and are a fundamental element of our diet for many centuries. The minister said I proudly recognize the outstanding work done by small-scale farmers to improve the health of our citizens through the cultivation of these ‘Shri Anne’. The Finance Minister announced, “Agriculture credit target will be raised to 20 lakh crore, with a focus on dairy, animal husbandry, and fishing.” The goal for agricultural credit in the current fiscal year 2022-23 is 18 lakh crore. The government is increasing the target for credit for the sector of agriculture every year.
In general, the interest rate is nine percent is typically charged on loans to farmers.
But the government has provided interest subsidies to help provide short-term crop loans. At a reasonable cost and to improve agricultural production. In order to provide short-term loans to farmers up to three lakh for farmers. At a rate of seven percent per year and provide an interest subsidy of 2 percent. To expand the participation of marginal and small farmers who are not covered by an official credit program. The Reserve Bank has decided to increase the maximum amount of guaranteed agricultural loans from one lakh to 1.6 lakh.
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