A day before the presentation of the Union Budget 2024, Finance Minister Nirmala Sitharaman published the Economic Survey, a comprehensive document on the state of the Indian economy.
Here's what the Economic Survey says about agriculture and food management:
Over the last five years, the agriculture sector recorded an average annual growth rate of 4.18 per cent.
Livestock and fisheries are also showing promise with the former sector growing at CAGR of 7.38 per cent at constant prices in 2014-15 and 2023-24. While the fisheries grew at a compound annual rate of 8.9 per cent between 2014-15 and 2022-23.
In order to reduce dependence on non-institutional credit, the government has made it its priority to provide, cost-effective, and adequate credit.
Per Drop More Crop scheme, National Mission on Sustainable Agriculture aim to improve productivity and sustainability.
In order to enhance the adoption of technology, the government has taken initiatives like Digital Agriculture Mission and e-National Agriculture Market (e-NAM) that aim to modernise agriculture.
In a bid to increase investments in agriculture, schemes like Agriculture Infrastructure Fund have been launched. Moreover, the government has been trying to improve the extent of storage, thus it is implementing Agriculture Marketing Infrastructure.
In order to aid the food processing sector, the government has taken several initiatives like Pradhan Mantri Kisan Sampada Yojana (PMKSY), Production Linked Incentive Scheme for the Food Processing Industry (PLISFPI), and Prime Minister's Formalisation of Micro Food Processing Enterprises (PMFME) Scheme, among others.
To relieve the financial burden for the poor, the government will be continuing to give free food grains to about 81.35 crore beneficiaries [i.e., Antyodaya Anna Yojana (AAY) households and Priority Households (PHH) beneficiaries] under the PMGKAY for five more years.
Taking into account the climate and geography, efforts must be scaled up to implement those practices which are consistent with the agro-climatic characteristics and natural resources.
Incentives and schemes need to be explored which aim to improve market infrastructure, E-NAM, promoting FPOs, and allowing cooperatives to take part in agri-marketing can improve the market infrastructure and allow better price discovery.
Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.
Published 22 July 2024, 12:56 IST