Budget 2024 | Marginal increase in allocations to agriculture, fisheries, and animal husbandry

Union Finance Minister Nirmala Sitharaman prioritizes farmers' welfare in the Budget, increasing allocation for agriculture and introducing various schemes.

Maintaining that the ‘annadata’s’ welfare is the highest priority of the Centre, Union Finance Minister Nirmala Sitharaman said in her Budget that farmers’ empowerment and well-being will drive the country forward.

The allocation for the Agriculture Ministry is ₹1,17,528.79 crore, an increase of ₹1,997 crore when compared with the previous Budget. The allocation for the Ministry in the revised estimates was ₹1,16,788.96 crore while the actual expenditure in 2022-23 was ₹ 99,877.01 crore.

Also read: Budget 2024 updates

While schemes like the Pradhan Mantri Fasal Bima Yojana saw an increase in allocation, the allocation under the PM Kisan Samman Nidhi remained the same at ₹60,000 crore. The PM Kisan Man Dhan Yojana, however, saw a decrease in allocation.

Union Agriculture Minister Arjun Munda said the Budget is a mirror of Prime Minister Narendra Modi’s guarantee while rapidly paving the way for India on the path of development. For agricultural research, the allocation is ₹9,941.09 crore. Farmers’ organisations, however, termed the allocations as inadequate.

Ms. Sitharaman said in her speech that farmers are our annadata (providers of food) and direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers, under the PM Kisan Samman Nidhi. “Crop insurance is given to four crore farmers under PM Fasal Bima Yojana. These, besides several other programmes, are assisting annadata in producing food for the country and the world,” she said.

The Minister said the Electronic National Agriculture Market (E-Nam) has integrated 1,361 markets and is providing services to 1.8 crore farmers with a trading volume of ₹3 lakh crore. “The sector is poised for inclusive, balanced, higher growth and productivity. These are facilitated from farmer-centric policies, income support, coverage of risks through price and insurance support, promotion of technologies and innovations through start-ups,” the Minister said.