Union Finance Minister Nirmala Sitharaman presented Union Budget 2023 in the parliament today. Government has announced several initiatives for agriculture sector in the budget. FM announced that the agriculture credit target will be raised to Rs. 20 lakh crores with a focus on animal husbandry and fisheries.
Sitharaman also said that now, to make India a global hub for Shree Anna Research, the Indian Institute of Millet Research in Hyderabad will be made into a centre of excellence.
The Budget allocation for Ministry of Agriculture and FW was increased to Rs 1.24 lakh crore in FY 2022-23. Further, institutional credit for the agriculture sector scaled Rs 18.5 lakh crore in December 2022, up from Rs 16.5 lakh crore in January 2022.
The Govt had also extended the concessional institutional credit availed through Kisan Credit Cards at 4 per cent interest per annum to animal husbandry and fisheries sector as well in order to help them meet their capital needs.
