Budget 2024: Big Announcement for farmers in the Budget (बजट में किसानों के लिए बड़ा ऐलान) @pmkisan

The Union Budget 2024-25 was released on the 23rd of July 2024. The Finance Minister of India, Shrimati Nirmala Sitharaman, presented her much-awaited seventh consecutive budget under the leadership of the PM, Shri Narendra Modi. This is the first Union Budget of the BJP-led NDA government’s third term at the center.

Though the Union Budget has many things to explain, we’ll talk about the major changes, highlights, benefits, etc. for the agriculture sector and the farmer brothers. Sitharaman said that this Union Budget could be a game changer for the Indian agriculture sector and the overall economy. 

In this article, we’ll discuss how the allocated amount of 1.52 lakh crores will benefit the farmers, agriculture, and allied sectors. Keep reading to familiarize yourself with the major updates made in the Union Budget 2024 for the agriculture sector. We’ll also help you know what are the big announcements for rural and farmers’ development. 

Highlights of Union Budget FY 2024-25 on Agriculture Sector

Let’s take a look at the major highlights and insights of the Union Budget 2024-25 on the most important agriculture sector:

• This year the allocation for agriculture and allied sectors remains to be 1.52 lakh crore.
• The Finance Minister stated that the government is willing to transform agriculture research. Many policies and oversights were presented for the same.
• The budget also contains the information for the release of multiple new varieties of crops for the farmers. 
• The government also placed special emphasis on natural farming and related practices to boost crop productivity and quality.
• The Union Budget 2024 also included the mission for the self-production of oilseeds and pulses to avoid importing them from foreign countries. 
• The Indian government also aims to strengthen the supply chains through massive vegetable production. 
• There will be a Digital Public Infrastructure for Agriculture implemented through the collaboration of different states. 
• National Cooperation Policy has been introduced for the combined development of agriculture and the rural sector. 
• The budget also includes the provision for aquaculture boost with the better production and export of shrimp.
• There have been no changes made in the fertilizer subsidy in the Union Budget 2024. Also, there are no announcements regarding the potential changes. 

How Does The Union Budget Benefit the Farmers?

The Union Budget 2024-25 includes many measures and policies which will ultimately benefit the farmers.

Financial Support 

Let’s start with the financial support that this Union Budget will provide to the Indian farmers. Here’s how it benefits them:

• Enhanced PM-KISAN Scheme: The budget includes the significant allocation of the financial support and funds helping approximately 11.8 crores farmers. The funds for the PM Kisan Samman Nidhi Yojana have been increased to directly benefit the farmers. This will help the farmers to manage their household and agricultural expenses. 
• Credit Facilities: Increased allocation for agricultural loans and the extension of the credit guarantee scheme are major features. These measures ensure that farmers have easier access to credit at lower interest rates, enabling them to invest in better seeds, equipment, and technologies​.

Risk Mitigation

The Union Budget also increases the funds for the Pradhan Mantri Fasal Bima Yojana. This scheme strengthens more than 4 crore farmers making them financially stable at the time of unwanted calamities. This will also help them run their households during such circumstances. 

Infrastructure Development

• e-NAM Expansion: Integration of more mandis into the Electronic National Agriculture Market (e-NAM) enhances market access for farmers, enabling them to sell their produce at competitive prices and reducing their dependence on middlemen​.
• Rural Infrastructure: Significant investment in rural infrastructure, including roads, storage facilities, and cold chains, aims to reduce post-harvest losses and improve market linkages. This infrastructure development is crucial for enhancing the efficiency of the agriculture supply chain​. 

Technological Advancements

• Support for Agri-Tech: The budget promotes research and development in agricultural technology, precision farming, and digital agriculture. This support aims to increase productivity and reduce the environmental impact of farming, helping farmers adopt modern farming practices​​.
• Sustainable Agriculture: Funds allocated for promoting organic and natural farming methods, as well as the use of bio-fertilizers, aim to ensure long-term soil health and reduce dependency on chemical fertilizers and pesticides​​.

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Major Announcements For The Farmers’ Betterment 

Some of the major announcements for farmers and agricultural sector development include the following key points:

Advancing the Agriculture Sector with Climate Resilient Seeds

As climate changes and weather uncertainties remain the biggest threat to Indian farmers, the budget addresses this issue impressively. The government is all set to promote the sustainable development and immense distribution of the climate resilient seeds. These seeds are engineered to withstand extreme weather conditions such as droughts, floods, and temperature fluctuations, ensuring stable yields even in adverse conditions. 

Missions for Pulses and Oil seeds

To lessen dependency on imports and raise home production, the Union Budget has introduced specific missions for pulses and oilseeds. These missions attention on increasing the acreage and productiveness of those vital vegetation via better seeds, improved agronomic practices, and improved irrigation facilities. 

Financial incentives and help for farmers cultivating pulses and oilseeds goal to make India self-sufficient in those commodities, contributing to the wider intention of Aatmanirbhar Bharat (self-reliant India)​. Also, they will be able to sell such crops at a better price directly to the government. 

Being Aatmanirbhar with DPI

The budget promotes Digital Public Infrastructure (DPI) to make Indian agriculture even more Aatmanirbhar. DPI projects include the improvement of virtual structures for farmer services, along with e-NAM for marketplace access, digital land information, and mobile-based advisory offerings. 

These structures intend to offer farmers actual-time records on weather, costs, and fine practices, enabling them to make informed selections. By leveraging technology, the authorities seek to empower farmers, boost efficiency, and enhance productiveness throughout the rural zone.

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