Finance Minister Nirmala Sitharaman revealed a series of initiatives in the interim budget for fiscal year 2024–25, and one of the most important is focusing on driving India’s agriculture and allied sectors. The emphasis includes the widespread application of nano DAP for diverse crops, building on the success of nano urea introduced in FY21. The budget also encourages private-public investments in modern agriculture to mitigate post-harvest losses, enhance storage capabilities, and introduce a comprehensive programme to support dairy farmers.
Key Highlights:
· Nano DAP Expansion: Following the success of nano urea, Sitharaman announced the extension of nano DAP application across various crops and agro-climatic zones.
· Post-Harvest Initiatives: Strategies will be devised to boost oilseed production, aiming for self-sufficiency. Additionally, the budget allocates resources to establish five integrated aquaparks for aquaculture.
· Agricultural Value Addition: Efforts to enhance value addition in agriculture and food processing sectors will be intensified. The Pradhan Mantri Kisan Sampada Yojana, benefiting 3.8 million farmers and generating one million employment opportunities, remains a pivotal component.
· Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana (PMFME): The scheme has been a success, supporting 240,000 self-help groups (SHGs) and 60,000 individuals with credit linkages to reduce post-harvest losses and boost productivity.
· Budget Allocation: The FY25 budget allocates ₹3,290 crore to the Ministry of Food Processing, with a notable increase for the PMFME scheme, now standing at ₹880 crore. This is up from the current year’s budget of ₹639 crore.
· Agriculture and Farmers Welfare: The agriculture and farmers welfare ministry receives ₹1.17 trillion in the FY25 budget, marginally higher than the previous fiscal year.
· Fisheries Sector: Recognizing the growing importance of the fisheries sector, the Pradhan Mantri Matsya Sampada Yojana (PMMSY) will enhance aquaculture productivity and exports through the establishment of five integrated aqua parks.
· Dairy sector: For dairy farming, a comprehensive support programme is in the pipeline, aiming to enhance productivity in the world’s largest milk-producing country. The initiative will incorporate existing schemes like the Rashtriya Gokul Mission and the National Livestock Mission.
The ministry of fisheries, animal husbandry, and dairying has been provided a budget of ₹7,106 crore, an increase from the previous year’s revised allocation of ₹5,621 crore.
Food subsidy bill: the Central government is projecting the food subsidy bill for FY25 to be Rs 2.05 lakh crore, indicating a decrease from the current financial year’s Rs 2.12 lakh crore.
The budget places a significant emphasis on improving the lives of farmers, with the continuation of schemes like PM Kisan and NREGA. The two key focal points are the insurance programme for farmers and the integration of mandis under e-NAM to enhance conditions for farmers in risk management and marketing.