Finance Minister Sitharaman Plows Ahead with Ambitious Agricultural Reforms in ‘Viksit Bharat’ Budget
Finance Minister Nirmala Sitharaman‘s interim budget for 2024, presented just ahead of the Lok Sabha Elections, has brought forth a robust plan to revitalize India’s agriculture sector. This strategic move reflects the government’s commitment to fostering sustainable growth and development, encapsulated in the vision of “Viksit Bharat” – a modern, prosperous, and sustainable India.
The concept of “Viksit Bharat” underscores the government’s holistic approach to national development, emphasizing economic prosperity, social welfare, and environmental sustainability. As such, the interim budget places a significant emphasis on revitalizing the agriculture sector, recognizing its pivotal role in ensuring food security, livelihoods, and rural development.
One of the key pillars of the interim budget is the allocation of substantial funds for agricultural infrastructure development. This includes investments in the construction of cold storage facilities and the expansion of irrigation networks. Such infrastructure enhancements aim to address critical challenges in storage and distribution of agricultural produce while enhancing water availability for irrigation purposes, ultimately contributing to improved agricultural productivity and sustainability.
Moreover, the government’s focus on technology and innovation in agriculture is evident in the budget’s initiatives. There is a strong emphasis on leveraging modern farming techniques and innovative solutions to enhance agricultural productivity and sustainability. Notably, the promotion of rooftop solarization to provide 1 crore households with 300 units of free electricity per month is a significant step towards reducing dependence on fossil fuels and promoting renewable energy sources in rural areas.
In addition to infrastructure development and technological advancements, the interim budget introduces several schemes aimed at empowering farmers and promoting rural development. The PM-KISAN SAMMAN Yojana, providing direct financial assistance to 11.8 crore farmers annually, and the PM Fasal Bima Yojana, offering crop insurance to 4 crore farmers, are notable initiatives highlighted by Finance Minister Sitharaman.
Furthermore, the budget emphasizes the importance of value addition and post-harvest management in the agriculture sector. Initiatives like the Pradhan Mantri Kisan Sampada Yojana and the Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana aim to generate employment opportunities and provide credit linkages to millions of farmers and rural entrepreneurs, thereby fostering economic growth and development in rural areas.
In summary, Finance Minister Sitharaman’s interim budget for 2024 underscores the government’s commitment to revitalizing India’s agriculture sector and promoting sustainable rural development, in line with the vision of “Viksit Bharat” – a modern, prosperous, and sustainable India.
