On February 1st, 2023, Smt. Nirmala Sitharaman, the Union Finance Minister, presented the Union Budget for 2023–24. The budget aims to solidify the foundation created by the previous budget and provide the foundation for India’s future economic growth. Before the approaching general elections in 2024, this budget serves as both the first of the “Amrit Kaal” and the last for the Modi 2.0 administration.
The Union Budget 2023–24 has three main objectives: to increase macroeconomic stability, to give citizens opportunities, and to promote growth and job development.
The following seven goals will be included in the Union Budget 2023–24, which was presented by Union Finance Minister Smt. Nirmala Sitharaman. They work well together and serve as our “SAPTARISHI” as they lead us through the Amrit Kaal 1) Inclusive Development 2) Reaching the Last Mile 3) Infrastructure and Investment 4) Unleashing the Potential 5) Green Growth 6) Youth Power 7) Financial Sector.
INCLUSIVE DEVELOPMENT: PRIORITY 1 OF 7 PRIORITIES
The government’s notion of Sabka Saath Sabka Vikas has facilitated inclusive development, giving the underprivileged overall priority as well as farmers, women, youth, OBCs, Scheduled Castes, Scheduled Tribes, divyangjan, and economically weaker groups (vanchiton ko variyata). The North-East, Ladakh, and Jammu & Kashmir have also received consistent attention. This Budget further those initiatives.
The Union Finance Minister has added agriculture to the list of sectors for inclusive development because it is the main source of income. The agricultural sector is currently regarded as being economically unviable. Despite the fact that a sizable portion of the population depends on agriculture for a living, it nevertheless faces challenges related to low productivity and insufficient income generation. Agriculture has received less funding from the federal budget in recent years.
BENEFITS FOR AGRICULTURE AND COOPERATION SECTOR UNDER INCLUSIVE DEVELOPMENT
Digital Public Infrastructure for Agriculture
Agriculture-related digital public infrastructure will be developed as a freely available, freely usable, and interoperable public benefit. Through pertinent information services for crop planning and health, greater access to farm inputs, loans, and insurance, assistance for crop estimation, market intelligence, and support for expansion of the agri-tech industry and start-ups, this would enable inclusive, farmer-centric solutions.
Agriculture Accelerator Fund
Agri-startups by young businesspeople in rural areas 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 technologies will also be introduced, changing farming practises and boosting production and profitability.
Enhancing productivity of cotton crop
The government will use Public Private Partnerships to implement a cluster-based and value chain approach to increase the productivity of extra-long staple cotton (PPP). 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
To increase the availability of high-value horticulture commodities, the government will implement the Atmanirbhar Clean Plant Program, which will cost $2,200 crore.
Global Millets Hub: ‘Shree Anna’
India is leading the way in popularising millets, whose consumption promotes nutrition, food security, and farmer welfare.
India is the world’s top producer of “Shree Anna” and its second-largest exporter after China. Many varieties of “Shree Anna” are grown in India, including jowar, ragi, bajra, kuttu, ramdana, kangni, kutki, kodo, cheena, and sama. These have long been a staple of our diet and offer a lot of health advantages.
The Indian Institute of Millet Research in Hyderabad will now get funding as the Center of Excellence for exchanging best practises, research, and technology on a global scale in order to turn India into a hub for “Shree Anna.”
Agriculture Credit
The goal for agricultural finance will be raised to $20 billion, with a concentration on dairy, fisheries, and animal husbandry.
Fisheries
The government would introduce a new PM Matsya Sampada Yojana sub-scheme with a planned investment of ‘6,000 crore to further facilitate operations of fishers, fish vendors, and micro & small companies, increase value chain efficiency, and grow the market.
Cooperation
The government is encouraging a cooperative-based economic development strategy for farmers, particularly small and marginal farmers and other marginalised groups. With the goal of achieving the goals of “Sahakar Se Samriddhi,” a new Ministry of Cooperation was established. With an investment of $2,516 crore, the government has already started the computerization of 63,000 Primary Agricultural Credit Societies (PACS) in order to realise this aim. Model bye-laws for PACS were developed with input from all stakeholders and states to enable them to become multipurpose PACS. To map cooperative societies across the nation, a nationwide cooperative database is now being created.
In light of this, the government will put into action a plan to provide substantial decentralised storage capacity. This will assist farmers in storing their produce and obtaining profitable prices through timely sales.
SOME OF OTHER INSIGHTS ON INITIATIVES MENTIONED IN THE BUDGET 2023
With a stipulated investment of 6,000 crore rupees, a subsidiary initiative of the Pradhan Mantri Matsya Sampada Yojana will be launched with the aim of supporting fisherman, fish vendors, and micro and small businesses, improving the efficacy of the value chain, and expanding market outreach.
One crore farmers will receive support to switch to natural farming practises over a three-year period. Additionally, 10,000 resource centres for bio inputs will be built.
Through the execution of the MISHTI project, the government hopes to encourage the growth of mangrove plantations along the coastline.
The purpose of this effort is to promote the development of mangrove trees, which are crucial for maintaining the environment and providing protection from natural disasters. The government wants to help the preservation and conservation of the coastal environment by putting the MISHTI scheme into action.
To facilitate input supply, offer extension services, and create market links, the government plans to develop a cluster-based approach and promote collaboration between farmers, the state, and industry. This cooperative strategy is seen to be a way to encourage agriculture’s sustainable growth and development. Farmers, the government, and the industry can all solve problems and open up possibilities for sector progress by cooperating.
The Agriculture Accelerator Fund was established by the government to help young professionals build agriculture businesses that use cutting-edge technology to boost production and profitability while offering farmers with affordable solutions to their problems.
With a budget of 2,200 crore rupees, the government has begun the Atmanirbhar Clean Plant Programme in an effort to increase the supply of high-quality, disease-free planting materials for highly valuable horticultural crops. By enhancing these crops’ overall quality, this effort hopes to advance the horticulture sector’s expansion and advancement. The government wants to boost the horticultural industry’s production and competitiveness by making disease-free planting supplies available. The Atmanirbhar Clean Plant Program is a critical step in developing the nation’s horticulture industry’s independence.
CONCLUSION
Numerous ongoing concerns still exist in the agriculture sector despite efforts to overcome them. The government’s control over crucial facets of the industry, like input-output, marketing, and distribution, is one of the main causes for worry.
Experts say that it is vital to foster commercialization and diversification as well as employment prospects in the industry. Modern land record systems are also thought to be necessary for carrying out agricultural reforms successfully. The agriculture industry has the opportunity to improve its sustainability and contribute to economic expansion and development by solving these problems.
Author Bio
impressive discussion