Digital Desk: Finance Minister Nirmala Sitharaman announced Rs 2.37 lakh crore in MSP direct payments to wheat and paddy farmers in the Union Budget for FY22-23.
“Support will be offered for post-harvest value addition, expanding national consumption, and branding millet products domestically and globally.” the FM said while delivering the fourth Budget for FY 2022-23.
In the first phase, chemical-free natural farming will be encouraged across the country, with a specific focus on a 5-kilometer corridor along the Ganga, FM added.
AgriBazaar co-founder and CEO Amith Agarwal stated, “The budget for this year is forward-looking, with a long-term goal of making India an economic superpower. The announcement of the building of optical fibre lines in villages under the BharatNet project under PPP in 2022-23 is one of the Finance Minister’s main efforts that will have a rippling impact on the rural economy.”
“Higher incomes and a better standard of living would follow from the digitization of rural India and the availability of high-speed internet to every villager. The announcement by the FM of a comprehensive strategy to lessen reliance on oilseed imports is welcome news, as it would focus on modifying the Indian farmer’s crop sowing pattern. Furthermore, it will save valuable foreign cash and ensure that the Indian farmer receives a greater price.” Agarwal added.
During the Union Budget, the FM also introduced Kisan drones to promote crop evaluation, digitize land records, and spray agri-nutrients such as fertilizers and insecticides in the fields.
Further, commenting over it, Agarwal said, “This will help small and marginal farmers increase their productivity. In addition, it will encourage scientific thinking in Indian agriculture. Similarly, it will encourage chemical-free natural farming in India, which is important in ensuring healthy food for Indians and preparing our agriculture for export, especially for luxury markets such as Europe, the United States, and Japan. It would also cut the Indian farmer’s input costs, improve soil health, and ensure that we take care of mother nature.
Agarwal commenting about post offices in India, said, “It is transformative to include 100% of India’s 1.5 lakh post offices in the main banking system. It would help increase financial inclusion and allow farmers in rural areas to link their bank and post office accounts. Moreover, we believe it will make it easier for small rural clients to obtain financing. I’m looking forward to the fund, which will have blended cash raised through NABARD under the co-investment approach for agricultural and rural enterprise financial start-ups.”
According to the Economic Survey, agriculture and associated sectors proved to be the most resilient to the Covid-19 shock, growing at 3.6 percent in 2020-21 and 3.9 percent in 2021-22, boosting the entire Indian economy’s real GDP growth to 9.2 percent in 2021-22.
“To lessen reliance on oilseed imports, a rational and comprehensive plan will be implemented. “The estimated procurement of wheat in Rabi season 2021-22 and the estimated purchase of paddy in Kharif season 2021-22 will cover 1208 lakh metric tonnes of wheat and paddy from 163 lakh farmers, and Rs 2.37 lakh crores will be paid directly to their accounts.” FM Sitharaman announced in the Union Budget 2022.
The study, which was released on Monday, detailed how the Minimum Support Price (MSP) policy is being used to encourage crop diversity. According to the IANS report, the current Situation Assessment Survey revealed that net earnings from crop production alone have climbed by 22.6 percent since the previous SAS Report in 2014, despite a visible diversification in the farmers’ sources of income.
It also stated that the increase in the allied industry is in line with the Committee on Doubling Farmers’ Income’s recommendations.
The Economic Survey also stated that the agriculture industry has witnessed strong development in the last two years and that the agriculture and allied sector is the country’s largest employer, accounting for 18.8% of GVA in 2021-22.
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