Union Budget 2024-25: Major Initiatives to Boost Agricultural Productivity and Resilience

New Delhi: The Union Budget 2024-25, presented by Union Finance and Corporate Affairs Minister Nirmala Sitharaman in Parliament today, announced several significant measures aimed at enhancing productivity and resilience in the agriculture sector. These initiatives include the implementation of Digital Public Infrastructure, achieving self-sufficiency in oil seeds, developing large-scale clusters for vegetable production, and providing financial support for shrimp production.

Building on the success of a pilot project, the government, in partnership with the states, will facilitate the implementation of Digital Public Infrastructure (DPI) in agriculture over the next three years. This initiative aims to cover farmers and their lands, with a digital crop survey for Kharif being planned in 400 districts this year. The details of 6 crore farmers and their lands will be integrated into the farmer and land registries. Additionally, the issuance of Jan Samarth-based Kisan Credit Cards will be enabled in five states, enhancing financial inclusion and support for farmers.

In a bid to achieve self-sufficiency in pulses and oilseeds, the government will strengthen their production, storage, and marketing. A comprehensive strategy is being put in place to achieve ‘atmanirbharta’ (self-reliance) for oil seeds such as mustard, groundnut, sesame, soybean, and sunflower, as outlined in the interim Budget. These efforts aim to reduce dependency on imports and ensure a stable supply of these essential commodities.

To meet the growing demand for vegetables, large-scale clusters for vegetable production will be developed closer to major consumption centres. The government will promote Farmer-Producer Organizations (FPOs), cooperatives, and start-ups to streamline vegetable supply chains, including collection, storage, and marketing. This initiative will help reduce wastage, improve supply chain efficiency, and ensure better returns for farmers.

The Union Finance Minister announced financial support for setting up a network of Nucleus Breeding Centres for Shrimp Broodstocks. Financing for shrimp farming, processing, and export will be facilitated through the National Bank for Agriculture and Rural Development (NABARD). This move is expected to boost shrimp production and enhance India’s position in the global seafood market.

The Budget 2024-25 has allocated ₹1.52 lakh crore for the agriculture and allied sectors, underscoring the government’s commitment to the ‘Annadata’ (farmer). Smt. Sitharaman highlighted that higher Minimum Support Prices (MSPs) have been announced for all major crops, ensuring at least a 50 percent margin over costs. Additionally, the Pradhan Mantri Garib Kalyan Anna Yojana has been extended for five years, benefiting more than 80 crore people by ensuring food security.