Interim Budget 2024: Here's what agriculture sector is seeking
india Jan 30 2024
Author: Team Asianet Newsable Image Credits:Pexels
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1. Boost for small farmers through PM-Kisan:
A significant provision of Rs 60,000 crore has been earmarked for the Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) scheme, benefitting around 86% of small farmers in the country.
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2. Emphasis on Kisan Credit Card (KCC):
Recognizing the importance of the Kisan Credit Card (KCC), an allocation of Rs 23,000 crores has been made to ensure farmers can continue availing its benefits.
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3. Agricultural loan target increase:
In a bid to encourage diversification into Animal Husbandry, Dairy, and Fisheries, the agricultural loan target has been raised to Rs 20 lakh crore.
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4. Digital agriculture mission funding:
A provision of Rs 450 crore has been allocated for the Digital Agriculture Mission, aiming to leverage technology for the enhancement of the agricultural sector.
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5. Focus on biofuels and sustainability:
Anticipating the budget, experts emphasize the potential inclusion of agri-residue utilization in the priority sector lending mandate.
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6. Anticipated tax relief and welfare spending:
Experts expect the budget to prioritize fiscal consolidation, welfare spending, and tax relief measures.
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7. Agricultural technology and global collaborations:
Industry leaders hope for policies that streamline regulatory processes and encourage global collaborations in the agri-tech sector.