Special consideration for development of the agriculture sector in Union Budget 2023. Finance Minister Nirmala Sitharaman stated in the budget announcement that an Agriculture Accelerator Fund will be set up to promote Agriculture Start-ups.
The Finance Minister said that the agricultural credit target has been raised to Rs 20 lakh crore by 2024 with a focus on Animal Husbandry, Dairy and Fisheries. The Government has also launched the National Monetization Pipeline with an Investment potential of Rs 9 lakh crore.
Reservations for Agriculture Sector
- Digital public infrastructure for agriculture will be built as an open source, open standard and interoperable public good that will help develop farmer-centric solutions for crop planning.
- Agri Accelerator Fund will be created to encourage Agri start-ups in rural areas.
- To increase the yield of extra long staple cotton, the government will adopt a cluster-based and value chain approach.
- Govt to provide Rs 5,300 crore aid to drought-hit central region of Karnataka
- The Government will support Hyderabad-based Millet Institute as a center of excellence.
The Economic Survey
In the economic survey presented yesterday, the Finance Minister added that although the agriculture sector has performed well, the sector needs “reorientation” to overcome challenges such as adverse impacts of climate change and rising costs of production. According to the survey, the agriculture sector has grown at an average annual growth rate of 4.6 percent in the last six years. It has grown to 3 percent in 2021-22 as compared to 3.3 percent in 2020-21. In recent years, India has rapidly emerged as a leading exporter of agricultural products. Agricultural exports to reach an all-time high of $50.2 billion in 2021-22. Sitharaman also said that the government will support Hyderabad-based Millet Institute as a centre of excellence. At the direction of the government, the United Nations has declared 2023 as the International Year of Millet, with an aim to create awareness and increase production and consumption of the millet, the minister said.
