The 2024-25 Union Budget, presented by Finance Minister Nirmala Sitharaman comes following the Economic Survey where she highlights the growth of FY24 with an 8.2 per cent rise which is expected to be carried into FY25.
The 2024-2025 Budget lays the roadmap for Viksit Bharat by 2047 representing the government’s vision to transform the county into a developed entity by its 100th independence in 2047. Referencing the Interim Budget, she emphasized the four pillars of Viksit Bharat which include the Poor, Women, Youth and Farmers.
India is emerging as the world’s fastest-growing major economy with the FM highlighting how India’s inflation continues to be low and stable moving towards the 4% target.
The Budget 2024-2025 focuses on nine priorities that include productivity and resilience in agriculture, employment and skilling, improved human resources, social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development and next-generation reforms. These nine priorities will serve as the base for future budgets, she added.
Advancing the Agriculture Sector with Climate Resilient Seeds
The FM has said that ₹1.52 lakh crores will be assigned for agriculture with the release of 109 climate-resilient seeds for 32 field and horticulture crops. These crops will be released for cultivation by farmers. This allocation will greatly benefit the farmers benefiting the high demand for agricultural automobiles, particularly tractors and two-wheeler vehicles, she added.
The Finance Minister said that the government will also set up agricultural research centres to raise productivity and develop climate-resilient varieties of these seeds.
Amit Patjoshi, CEO, of Palladium India, elaborates on this saying, “The Union Budget 2024 for agriculture is a game-changer! With a whopping Rs 2 lakh crore package for agriculture and allied sectors, it promises to revolutionize the industry. By introducing one crore farmers to natural farming, not only will the budget promote environmentally friendly practices, but it will also help reduce input costs and increase profitability for farmers.”
This along with one crore farmers will be initiated into natural farming in the next two years. To aid natural farming methods, the government is establishing 10,000 Bio Resources centres for the farmers for the latest access to technology. This is an increase from the ₹1.25 lakh crore for FY24.
Being Aatmanirbhar with DPI
The FM emphasized on Aatmanirbhar Bharat for achieving self-sufficiency in pulses and oil seeds. The government will undertake steps to strengthen the production, storage and marketing to achieve this in seeds such as mustard, groundnut, sesame, soybean and sunflower.
Government here in partnership with the states will facilitate the implementation of the Digital Public Infrastructure (DPI) which refers to the foundational digital systems and services to enhance the digital economy and society in agriculture for coverage of farmers and their lands in 3 years.
Dr. Ashish Agarwal, Co-Founder & CTO, of Weather Risk Management Services (WRMS) adds to that saying, “The budget’s allocation of Rs 2.66 lakh crore for rural development and the promotion of digital infrastructure aligns well with our objectives. The focus on natural farming and the goal to engage one crore farmers in the next two years further support sustainable agriculture. We are optimistic that these initiatives will drive economic growth and promote sustainable development.”
The 2024-25 Union Budget signals a bold step forward for India, with a clear focus on enabling growth and innovation by investments in agriculture, which promises to boost productivity.
