The Finance Minister of India, Nirmala Sitharaman, today unveiled the Union Budget for the fiscal year 2024-25, with significant provisions aimed at transforming the agriculture sector and promoting agrotech innovations. The budget emphasizes sustainable farming practices, technological integration, and enhanced farmer welfare, with an allocation of ₹1.52 lakh crore for agriculture and allied sectors.
In a bid to revolutionize agricultural productivity and resilience, the government has outlined several initiatives:
Productivity and Resilience in Agriculture
- Agriculture Research Transformation:
- A comprehensive review of the agricultural research setup will focus on raising productivity and developing climate-resilient varieties.
- Funding will be provided in a challenge mode, including to the private sector, with oversight by domain experts.
- Release of New Varieties:
- 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation.
- Natural Farming:
- Over the next two years, 1 crore farmers will be initiated into natural farming with support for certification and branding.
- 10,000 bio-input resource centres will be established.
- Missions for Pulses and Oilseeds:
- Strategies to achieve self-sufficiency in pulses and oilseeds, including production, storage, and marketing improvements, will be implemented.
- Vegetable Production & Supply Chains:
- Development of large-scale clusters for vegetable production near major consumption centres.
- Promotion of Farmer-Producer Organizations, cooperatives, and startups for vegetable supply chains, including collection, storage, and marketing.
- Digital Public Infrastructure for Agriculture:
- Expansion of the Digital Public Infrastructure (DPI) for agriculture, covering farmers and their lands within three years.
- Digital crop surveys for Kharif using DPI will be conducted in 400 districts.
- Details of 6 crore farmers and their lands will be added to the farmer and land registries.
- Issuance of Jan Samarth-based Kisan Credit Cards will be enabled in five states.
- Shrimp Production & Export:
- 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 NABARD.
- National Cooperation Policy:
- Introduction of a National Cooperation Policy for the systematic development of the cooperative sector, aiming to fast-track the growth of the rural economy and generate large-scale employment opportunities.
- Budget Allocation:
- Provision of ₹1.52 lakh crore for agriculture and allied sectors.
Impact on Agrotech
- Digital Public Infrastructure for Agriculture:
- The expansion of DPI will leverage technology to enhance agricultural productivity, providing better access to resources and data for farmers.
- Promotion of Startups:
- Support for startups in the vegetable supply chain sector indicates a focus on technological solutions for agricultural challenges.
- Natural Farming and Bio-input Resource Centres:
- These initiatives highlight a shift towards sustainable practices, which agrotech companies can support with innovative solutions for natural farming and bio-inputs.
- Climate-Resilient Crops:
- The release of climate-resilient crop varieties will likely spur further research and development in agrotech, focusing on resilient agricultural practices.
These measures reflect a significant push towards modernizing agriculture through technological interventions, promoting sustainability, and enhancing productivity. The emphasis on digital infrastructure and support for startups highlights the critical role of agrotech in achieving these goals.
