Budget 2023: Union Finance Minister Nirmala Sitharaman proposed that the government is planning to set up massive decentralised storage capacity to help farmers among other announcements.
Presenting her 5th and last full budget of the Modi government in its present term, Union Finance Minister Nirmala Sitharaman on Wednesday announced that the agriculture credit target has been increased to Rs 20 lakh crore for Financial Year 2023-24, with a focus on animal husbandry, dairy, and fisheries. The Union Minister proposed that the government is planning to set up massive decentralised storage capacity to help farmers. Below are key takeaways for the agriculture sector in Budget 2023.
- Digital public infrastructure for agriculture will be built as open source, open standard, and interoperable public good.
- Agri accelerator fund will be set up to encourage agri startups in rural areas.
- To enhance yield of extra-long staple cotton, the government will adopt a cluster-based and value-chain approach.
- Govt to provide Rs 5,300 crore assistance to the drought-prone central region of Karnataka.
- Govt to support Hyderabad-based millet institute as a centre of excellence.
Presenting the budget, Sitharaman began her speech by saying that the Indian economy is on the right track, and heading towards a bright future.
The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war, she said.
Sitharaman mentioned that in these times of global challenges, India’s G20 presidency gives them a unique opportunity to strengthen India’s role in the world economic order.
The government’s efforts since 2014 have ensured for all citizens, a better quality of life & life of dignity. The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world.
