Union Budget 2023-24: Union Budget is an annual practice followed in the Indian Parliamentary System. Union Budget 2023-24 has many provisions for the Agriculture development and Farmers Welfare. Union Budget 2023 is also important for UPSC Prelims 2023 and UPSC Mains Exam (GS Paper 3- Indian Economy and Union Budget also known as annual financial statement).
Union Budget 2023 on Agriculture in News
Union Budget 2023-24 was recently laid in the parliament by the Union Finance Minister Smt. Nirmala Sitharaman. Many key provisions have been made for Agriculture and Farmers’ Welfare in the Budget for the Financial Year 2023-24.
Budget 2023 on Agriculture and Farmers’ Welfare
The Union Budget 2023-24 aims at inclusive and comprehensive development of farmers, besides the poor and middle class, women and the youth. Shri Tomar said the small farmers will benefit from the budget, whereas, according to the vision of Prime Minister Shri Modi, the budget lays emphasis on promoting the modernization of Agriculture sector by linking Agriculture with technology so that farmers get comprehensive benefits in the long run.
Union Budget 2023 Allocation for Agriculture Sector
The total budget of the Ministry of Agriculture and Farmers Welfare, including Agricultural Education and Research, is about Rs 1.25 lakh crore this time. Allocations in Union budget 2023-24 for various government initiatives and schemes are given below-
- PM Kisan: Out of this, provision of Rs. 60,000 crore has been made for the Modi Government’s ambitious scheme, – the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan).
- Kisan Credit Card (KCC): There are about 86 per cent small farmers in the country, who have been greatly benefited through the Kisan Credit Card (KCC).
- This time, Rs 23,000 crores has been allocated for this, to enable our farmer brothers and sisters to continue to avail its benefit.
- Agricultural Loan: Focusing on Animal Husbandry, Dairy and Fisheries, the agricultural loan target has been increased to Rs 20 lakh crore.
- Digital Agriculture Mission: Provision of Rs 450 crore has been made for the Digital Agriculture Mission started by the Modi Government.
- About Rs. 600 crore allocated for the promotion of Agriculture sector through technology.
- Natural Farming: A provision of Rs 459 crore has been made to make Natural Farming a mass movement.
- In 3 years, 1 crore farmers will be supported for Natural Farming, for which 10,000 Bio Input Research Centers will be opened.
- Farmers Producer Organizations (FPOs): While organizing Small and Medium Farmers through FPOs, a target has been set to provide them all facilities related to agriculture, for which 10,000 new FPOs are being constituted.
- This FPO is a revolutionary step in the direction of raising the standard of living of small and medium farmers, whose benefits have started percolating to these farmers.
- In order to maintain the same momentum in the future, a budget provision of Rs 955 crore has been earmarked for the formation of new FPOs this year.
- The Agriculture Infra Fund and Pradhan Mantri Fasal Bima Yojana, beneficial for the farmers, are also being promoted.
- Food and nutritional security: It is one of the priorities of the Union Government, for which the budget has been hiked to Rs 1,623 crore.
- Startup Ecosystem: Priority will be given to Startups related to agriculture.
- The Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs, for which Rs 500 crore has been allocated over a period of 5 years.
- Millets to be known as Shri-Anna: India is at the forefront of programmes to popularize Srianna.
- The Indian Millets Research Centre, Hyderabad will be promoted as a Center of Excellence, so that it can excel at the global level as well.
- Horticulture Development: For the development of Horticulture sector, the budget has been increased to Rs 2,200 crore.
Union Budget 2023-24
Budget is the Annual Financial Statement or the Statement of the Estimated Receipts and Expenditure of the Government of India in respect of each financial year is popularly known as the Budget. Union Finance Minister Smt. Nirmala Sitharaman on February 01, 2023, presented the Union Budget 2023-24. The FM said that The Union Budget 2023-24 hopes to build on the foundation of the previous budget and blueprint for India at 100.
What Is Special About Union Budget 2023-24?
- This is the last Budget of Modi 2.0 before Next General Elections 2024.
- This is also the first budget of the “Amrit Kaal”.
- Union Budget 2023-24 hopes to build on the foundation of the previous budget and blueprint for India at 100.
Union Budget 2023 FAQs
1. What is Union Budget?
Ans. Budget is the Annual Financial Statement or the Statement of the Estimated Receipts and Expenditure of the Government of India in respect of each financial year.
2. What is Shri-Anna in the Union Budget 2023-24?
Ans. Millets are to be known as Shri-Anna as declared in Union Budget 2023. India is at the forefront of programmes to popularize Srianna.
3. What Are Saptarishis in the Union Budget 2023-24?
Ans. Finance Minister Nirmala Sitharaman named Seven Priorities of the Union Budget 2023-24 as the seven ‘Saptarishis’ of the Amrit Kaal budget.
4. What is the budgetary allocation in Union Budget 2023 for Ministry of Agriculture and Farmers Welfare?
Ans. The total budget of the Ministry of Agriculture and Farmers Welfare, including Agricultural Education and Research, is about Rs 1.25 lakh crore in the Union Budget 2023.
Union Budget 2023-24, Key Provisions
