Budget 2023-24: India aims to promote agri-startups; raises farm credit target. Read details

India Union Budget 2023-24 included several benefits for the farmers and promote inclusive development. While presenting the annual budget, Finance Minister Nirmala Sitharaman this is the first Budget in 'Amrit Kaal' ('Golden Era') and said that the economy is on the right track with the government's focus on wide-ranging policies.

Sitharaman said that over the next three years, ten million farmers will get assistance to adopt natural farming. She added that 10,000 bio-input resource centres will be set up.

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She also announced that Agriculture Accelerator Fund (AAF) will also be set up to encourage agriculture startups by young entrepreneurs. It will help to encourage agri-startups in rural areas. She said that the government will also provide a digital public infrastructure for agriculture, which will be built to enable inclusive and farmer-centric solutions.

The government has also proposed an 11 per cent in the agriculture credit target to Rs 20 lakh crore, with a focus on animal husbandry, dairy and fisheries. She said that the move is aimed at providing higher farm loans at subsidised rates to the farming community.

Pradhan Mantri Matsya Sampada Yojana

The finance minister also announced that the government will launch a new sub-scheme of Pradhan Mantri Matsya Sampada Yojana with an investment of Rs 6,000 crore. She said that it will improve value chain efficiencies and expand the fishery market.

She further added that the customs duty on key inputs for domestic manufacturing of shrimp feed will also be reduced to promote the export of marine products.

Promotion to adopt natural farming

The finance minister said that this year's budget will facilitate one crore farmers for this purpose and will also set up 10,000 Bio-Input Resource Centres for creating a national-level distributed micro-fertilizer and pesticide manufacturing network.

She said that through the Pradhan Mantri Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth (PM-PRANAM), the government will incentivise state governments and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers.

Millets - "Shree Anna"

She said the government will make India a global hub for millets, also called "Shree Anna". She said that to facilitate it, the government has pm,e up with a Hyderabad-based Indian Institute of Millet Research, which will be supported as the Centre of Excellence for sharing best practices, research and technologies at the international level.

For the unversed, the Food and Agriculture Organization of the United Nations (FAO) has declared 2023 as the International Year of Millets.

Notably, India is the largest producer and second largest exporter of millets in the world. The country grows several types of millet such as jowar, ragi, bajra, kuttu, ramdana, kangni, kutki, kodo, cheena, and sama.

She reiterated that these crops have multiple health benefits and have been an integral part of our food for centuries. She said, "I acknowledge with pride the huge service done by small farmers in contributing to the health of fellow citizens by growing these 'Shree Anna'".

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