Today in Parliament, Union Finance Minister Nirmala Sitharaman gave a presentation of the Union Budget for 2023. Since taking over the country’s Ministry of Finance, the Finance Minister has delivered five budgets, the latest of which she referred to as “the first budget in Amrit Kaal.” In her opening remarks, she stated, “We see a thriving and inclusive India.” The Union Budget of 2023 is the final comprehensive budget before the Lok Sabha elections in 2024.

What’s New?

  • Digital Public Infrastructure for Agriculture: Provide pertinent information services for crop planning and health, improved access to farm inputs, credit, and insurance, assistance with crop estimation, market intelligence, and support for the expansion of the agri-tech sector and start-ups in order to enable inclusive, farmer-centric solutions.
  • Agriculture Accelerator Fund: Agristartups by young entrepreneurs in rural regions will be encouraged through the establishment of an agriculture accelerator fund. The Fund’s goal is to provide farmers with creative, cost-effective solutions to their problems. Modern technology will also be introduced for enhancing farming methods and boosting production and profitability.
  • Enhancing productivity of cotton crop: Through Public Private Partnerships, adoption of cluster-based and value chain strategy to increase the productivity of extra-long staple cotton. To supply inputs, provide extension services, and establish market connections, this will require cooperation between farmers, the state, and industry.
  • Atmanirbhar Horticulture Clean Plant Program: Using an outlay of 2,200 crore, Atmanirbhar Clean Plant Program will be initiated to increase the supply of high-value horticulture crops with disease-free, high-quality planting material.
  • Global Hub for Millets: ‘Shree Anna’: The Indian Institute of Millet Research in Hyderabad will now be supported as the Center of Excellence for exchanging best practices, research, and technology on a worldwide scale in order to turn India into a global hub for “Shree Anna.”
  • Agriculture Credit: The agriculture credit target will be increased to 20 lakh crore with focus on animal husbandry, dairy, and fisheries.
  • Fisheries – New sub-scheme: Introduction of a sub-scheme under the PM Matsya Sampada Yojana with a total of Rs 6,000 crore to encourage those who are involved in fishing.
  • Enhancing Cooperative Societies: Implement a strategy to build out a significant amount of decentralized storage for Primary Agricultural Credit Societies (PACS). This will assist farmers in storing their goods and obtaining profitable prices through timely sales. In the upcoming five years, the government would also support the establishment of numerous multipurpose cooperative societies, primary fisheries cooperative societies, and dairy cooperative societies in unorganised panchayats and villages.
  • Natural Farming and Mangrove Induction: Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio-input resource centres will be set up.
  • FM announces that Govt would encourage mangrove plantations along the coastline under the MISHTI scheme. 

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