Budget 2024: No Major Farmer Announcements, Focus on Dairy Sector

Before the Lok Sabha elections, the Modi government did not announce any significant measures for farmers in the interim budget. Finance Minister Nirmala Sitharaman highlighted the use of Nano DAP on crops and emphasized the development of the dairy sector to support dairy farmers. Additionally, a new scheme promoting green growth through bio-manufacturing and bio-foundry was introduced.

However, the government did not increase the Minimum Support Price (MSP) nor the amount of the Kisan Samman Nidhi, which remains at Rs. 6,000 annually. Expectations to double the amount to Rs. 12,000 for women farmers were not met.

Under the Pradhan Mantri Kisan Samman Nidhi Yojana, the government disburses Rs. 2,000 in three installments, totaling Rs. 6,000 annually, benefiting 11.8 crore farmers. Over Rs. 2.8 lakh crore has been transferred to farmers’ accounts in 15 installments.

Furthermore, Sitharaman highlighted the benefits of the crop insurance scheme for over 4 crore farmers and the creation of 55 lakh new jobs through the Matsya Sampada Yojana. The integration of 1,361 mandis under the National Agriculture Market (eNAM) has increased trading volume to ₹ 3 lakh crore, supporting agricultural trade.

In the 2024-2025 budget, farmers received several benefits and initiatives from the government:

  1. Increase in Agricultural Credit Card (KCC) Limit: The government raised the Agricultural Credit Card (KCC) limit to Rs. 20 lakh crore from the previous Rs. 18.5 lakh crore. This increase of Rs. 1.5 lakh crore aims to provide farmers with enhanced financial support.
  2. Digital Public Infrastructure for Agriculture: A digital public infrastructure for agriculture was announced, allowing farmers to access information on fertilizers, seeds, markets, and startups through open source platforms. This initiative aims to empower farmers with digital resources to make informed decisions and improve agricultural practices.
  3. Agriculture Accelerator Fund: The government introduced an Agriculture Accelerator Fund, providing opportunities for rural youth to establish startups in the agricultural sector. This initiative is designed to encourage entrepreneurship among the youth in villages and promote innovation in agriculture.

Overall, these measures in the budget aim to enhance the financial, technological, and entrepreneurial support available to farmers, facilitating their growth and development in the agricultural sector.

Niyati Rao

Niyati Rao is a seasoned writer and avid consumer who specializes in crafting informative and engaging articles and product reviews. With a passion for research and a knack for finding the best deals, Niyati enjoys helping readers make informed decisions about their purchases.