Context:
Stressing ‘Agriculture as the First Engine’ for India’s development, Finance Minister Nirmala Sitharaman announced a slew of measures to boost ‘agricultural productivity, farmer incomes, and rural growth’.
Key Highlights
Makhana Board in Bihar
A Makhana Board will be constituted in Bihar for enhancing production, processing, value addition, and marketing.
- Organize farmers into FPOs, train them, and ensure access to government schemes.
National Mission on High Yielding Seeds
- Focus on strengthening research and commercial availability of more than 100 new seed varieties (high yield, pest-resistant, and climate-resilient).
- Supports scientific advancements to improve agricultural productivity.
Second Gene Bank for Genetic Conservation
- A Gene Bank with 10 lakh germplasm lines for future food and nutritional security.
- Supports both public and private sectors working for genetic conservation.
Mission for Cotton Productivity
- A five-year mission towards cotton farming sustainability and productivity.
- Extra-long staple cotton is to be aimed at for quality supply of textiles to Indian industry.
- Furthermore, with the 5F vision in place, Farm to Fibre to Factory to Fashion to Foreign.
Kisan Credit Card (KCC) Loan Limit Increased
Increased the short-term loan limit under the Modified Interest Subvention Scheme from ₹3 lakh to ₹5 lakh.
- Beneficiaries: 7.7 crore farmers, fishermen and dairy farmers (Better access to credit).
Urea Plant in Assam
- Namrup, Assam -a new Urea plant with a capacity of 12.7 lakh metric tons a year. This would complement the revival of three existing dormant urea plants in the Eastern region. Supports Atmanirbhar Bharat in the production of fertilizer.
Boost to the Fisheries Sector
India stands as the world’s second-largest fish producer and contributes to the world’s highest seafood export at ₹60,000 crores.
A new framework for sustainable fisheries in the Exclusive Economic Zone and High Seas.
Special focus on Andaman & Nicobar and Lakshadweep Islands to unlock marine potential.
Conclusion
This budget highlights agriculture as a prime growth driver, through initiatives in the areas of crop production, genetic conservation, credit access, fertilizers, and fisheries. It primarily aims to increase farmer incomes, enhance rural development, and boost India’s international competitiveness in agriculture.
