Finance Minister Nirmala Sitharaman presented the Union Budget 2024-2025 today. The budget focuses on natural farming initiatives, digital infrastructure development, and more aspects for former betterment.
Here are the main highlights of the Union Budget 2024-2025, especially for formers;
The budget again targets people with low incomes, women, youth, and farmers. It promises higher Minimum Support Prices (MSP) for crops and extends the Pradhan Mantri Garib Kalyan Anna Yojana for five years.
Budget 2024-2025 Theme and Priorities
The budget aims to improve employment, skilling, MSMEs, and the middle class. It includes a ₹2 lakh crore package for youth employment and skilling and ₹1.48 lakh crore for education, employment, and skilling.
However, the real impact depends on the effective use and implementation of these funds, which has been a problem in the past.
The budget outlines nine priorities for generating ample opportunities:
- Productivity and Resilience in Agriculture
- Employment & Skilling
- Inclusive Human Resource Development and Social Justice
- Manufacturing & Services
- Urban Development
- Energy Security
- Infrastructure
- Innovation, Research & Development
- Next Generation Reforms
Agricultural Initiatives and Allocations
The budget 2024-2025 details transformative actions for agriculture with a provision of ₹1.52 lakh crore:
Agriculture Research
The Union Budget 2024-2025 places significant emphasis on agriculture research. The aim is to enhance productivity and develop climate-resilient crop varieties. This comprehensive review targets the creation and dissemination of innovations.
Natural Farming
The budget includes support for one crore farmers engaged in natural farming. This support comes in certification and branding, which will help farmers gain better market access and profitability.
Pulses and Oilseeds
A strategic focus is placed on achieving self-sufficiency in pulses and oilseeds. This includes initiatives to boost domestic production through research and improved seeds. Better farming practices will also play a role.
Vegetable Production
The budget outlines plans for developing large-scale vegetable production clusters near consumption centers. These clusters aim to reduce transportation costs and minimize spoilage.
Digital Infrastructure
The budget proposes implementing Digital Public Infrastructure (DPI) for agriculture to modernize the sector. This initiative aims to cover farmers and their lands within three years. It will also provide digital tools and services to farmers to improve agricultural practices and overall efficiency.
Shrimp Production
The budget provides financial support for establishing Nucleus Breeding Centres for shrimp production. This support aims to enhance shrimp quality and yield. It also facilitates increased exports, boosting shrimp farmers’ economic prospects.
National Cooperation Policy
The budget introduces a National Cooperation Policy to develop the cooperative sector systematically. This policy aims to strengthen rural economies and create employment opportunities. Enhancing the functioning and reach of cooperatives across the country is a crucial goal.
Benefits for Farmers
- Higher MSP: Ensures a minimum 50% margin over costs for significant crops.
- Support for Natural Farming: Certification and branding assistance for one crore farmers.
- Pulses and Oilseeds: Strengthened production and marketing strategies.
- Vegetable Production: Establishment of production clusters near major consumption centers.
- Digital Infrastructure: Inclusion in DPI for better crop management and credit access.
- Shrimp Farming: Financial support and export facilitation.
- Comprehensive Research: Focus on productivity and climate resilience.
- Cooperative Sector Growth: National Cooperation Policy for Systematic Development.
The 2024-2025 budget aims to strengthen India’s agricultural sector through comprehensive support in research, production, and market accessibility. It also addresses broader economic needs in employment, skilling, and development.
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