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Saturday / April 20. 2024
HomePosts Tagged "Union Budget 2024-25"

Budgetary allocation is 15 per cent higher than the current financial year.

Department of Fisheries has been allocated an amount of Rs. 2584.50 crore for financial year 2024-25 which is highest ever annual allocation to the Department of fisheries. The budgetary allocation is 15 per cent higher than the current financial year. The budget allocated is one of the highest ever annual budgetary support for the Department.

The expenditure towards fisheries sector since first five-year plan to 2013-14 was only Rs. 3680.93 crore however, since 2014-15 to 2023-24 an amount of Rs.  6378 crores have already been released for various fisheries developmental activities in the country. The targeted investment in last nine years in the sector is more than Rs 38572 crores, which is highest ever investment in this sunrise sector.

Finance Minister Nirmala Sitharaman highlighted the development in the sector. The interim budget also emphasises on establishment of digital public infrastructure for formalization of the economy. The Union Finance Minister emphasised that a separate Fisheries Department was established to realise importance of assisting fishermen that has resulted in doubling both inland and aquaculture production, doubling of seafood exports since 2013-14. The flagship scheme, Pradhan Mantri Mastya Sampada Yojana (PMMSY) is being stepped up to enhance aquaculture productivity from existing 3 to 5 ton/Ha, doubling exports to Rs 1 lakh crore and generate 55 lakh employment opportunities along with big infrastructural changes of establishing 5 integrated aquaparks. In addition, the Blue economy 2.0 will be launched to focus on promoting climate resilient activities, restoration and adaptation measures and development of coastal aquaculture and mariculture with integrated & multi-sectoral approach.

Fisheries sector plays an important role in the Indian economy. It contributes to the national income, exports, food and nutritional security as well as employment generation. Fisheries sector is recognized as the ‘Sunrise Sector’ and is instrumental in sustaining livelihoods of around 30 million people in India particularly that of the marginalized and vulnerable communities.

The Fisheries sector was given the required boost by carving out Department of Fisheries from the erstwhile Department of Animal Husbandry, Dairying & Fisheries on 5th February 2019 and has been equipped with profound schemes and programs namely Pradhan Mantri Matsya Sampada Yojana (PMMSY), Fisheries Infrastructure Development Fund (FIDF) and Kisan Credit Card (KCC), the Department is now set to achieve newer heights during the Amrit Kaal.

Budgetary allocation is 15 per cent higher

Union Finance Minister Nirmala Sitharaman presented the interim Union Budget for forthcoming financial year (2024-25) in the parliament.FM announced schemes and special programmes for the various sectors of agriculture. Agritech industry has appreciates the budget 24 for promoting innovation in the agricultural sector, all of which are crucial for elevating farming practices, mitigating post-harvest losses, and securing a more prosperous future for Indian agriculture.

Anuj Kumbhat, Co-Founder & CEO, WRMS said, “The interim budget 2024 reflects a commendable commitment to supporting our ‘Annadata’—the farmers, who are the backbone of our nation. The allocation of direct financial assistance to 11.8 crore farmers through PM-KISAN SAMMAN Yojana, along with crop insurance for 4 crore farmers under PM Fasal Bima Yojana, underscores the government’s dedication to safeguarding the agricultural community. The emphasis on value addition in the agricultural sector and efforts to boost farmers’ income is a welcome step that aligns with the broader goal of enhancing food production for our country and the world.

The success of initiatives like Pradhan Mantri Kisan Sampada Yojana, benefiting 38 lakh farmers and creating 10 lakh employment opportunities, showcases the positive impact of strategic policies. Additionally, the Pradhan Mantri formalisation of Micro Food Processing Enterprises Yojana, aiding 2.4 lakh SHGs and sixty thousand individuals with credit linkages, demonstrates a holistic approach towards uplifting the rural economy.

Overall, the budget’s focus on reducing postharvest losses, improving productivity, and augmenting farmers’ incomes reflects a comprehensive strategy to strengthen the agricultural sector, ensuring sustainable growth and prosperity for our ‘Annadata.’

Amandeep Panwar, Co-Founder & Director, BharatRohan – Agri-tech Drone Startup opined, “This budget represents a resolute commitment to empowering youth, fostering sustainability, and promoting innovation in the agricultural sector, all of which are crucial for elevating farming practices, mitigating post-harvest losses, and securing a more prosperous future for Indian agriculture.

Rs 20-lakh crore allocation for targeted agricultural credit and the launch of the Agriculture Accelerator Fund are commendable. They ensure vital financial support for farmers to adopt new technologies and improve their farming practices, while also being equally promising for driving rural innovation and supporting agritech startups. I believe this budget announcement demonstrates a promising path forward for Indian agriculture and technology-driven agritech initiatives. “

Alekh Sanghera, Co-founder and CEO, FarMart said,“Budget 2024-2025 is a great step towards a promising and bountiful agritech future. The budget provisions strengthened agriculture value chains through food processing infrastructure, minimized wastage and crop insurance. We, at FarMart, echo the vision of PMKSY & PM-FME, bridging the farm-to-fork gap. Better market access and post-harvest management empower smallholders with sustainable income. We are aligned with the government’s vision to boost productivity and farmer welfare through incentives around credit access, infrastructure, and public-private collaboration. This budget fuels India’s agritech ecosystem, ensuring local and global food security.”

Union Finance Minister Nirmala Sitharaman presented the

The budget 24 announcement about mandatory blending of CBG in CNG and PNG, financial assistance for procurement of biomass aggregation machinery to support collection will boost dairy industry.

Union Finance Minister Nirmala Sitharaman presented the interim Union Budget for forthcoming financial year (2024-25) in the parliament.FM announced schemes and special programmes for the various sectors of agriculture.

Jayen Mehta, Managing Director, Gujarat Cooperative Milk Marketing Federation Ltd. (GCMMF) (Amul) said that in her budget speech, Nirmala Sitharaman, Union Finance Minister informed the parliament that India is the largest producer of milk in the world. She mentioned a comprehensive programme for supporting dairy farmers will be formulated. Efforts are already on to control foot and mouth disease. India is the world’s largest milk producer but with low productivity of milch-animals. The programme will be built on the success of existing schemes such Rashtriya Gokul Mission, National Livestock Mission, and Infrastructure Development Funds for dairy processing and animal husbandry.

Mehta said, “Amul welcomes this support to the dairy industry of the country. India contributes to 24 per cent of the total milk production of the world and at the current rate of growth and the world dairy situation, India will contribute to one third of the total milk production in the world in a decade. The proposed comprehensive program for supporting dairy farmers will help India achieve the dream of becoming the ‘Dairy to the world.’

The Union Cabinet chaired by Prime Minister Narendra Modi has today approved the continuation of Animal Husbandry Infrastructure Development Fund (AHIDF) to be implemented under Infrastructure Development Fund (IDF) with an outlay of Rs.29,610.25 crore for another three years up to 2025-26.

The scheme will incentivise investments for Dairy processing and product diversification, Animal Feed Plant, Breed multiplication farm, Animal Waste to Wealth Management (Agri-waste management) and Veterinary vaccine and drug production facilities.”

Government of India will provide 3 per cent interest subvention for 8 years and the Dairy Cooperatives will also avail benefits for modernisation, strengthening of the dairy plants.

Further, Finance Minister also announced that the Government will further promote private and public investment in post-harvest activities including aggregation, modern storage, efficient supply chains, primary and secondary processing and marketing and branding for ensuring faster growth of the food processing sector.

It may be noted that Amul has announced investments of Rs 11500 crores over the next 2-3 years for all round expansion of its dairy processing infrastructure.

 Finance Minister also announced the phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes will be mandated. Further, financial assistance will be provided for procurement of biomass aggregation machinery to support collection. This will support Amul’s initiative to promote circular economy by collecting dung from its farmers through the cooperative model, process it into compressed biogas (CBG) and bio fertilizer and thereby benefiting the farmers through additional income from dung, the economy by reducing imports of fuel and fertilizer and also supporting the plant. Amul has plans to set up 100 such CBG fuel pumps in the next couple of years across Gujarat.

Cooperatives are a powerful institutional mechanism to connect all these four and provide them sustainable benefits over a long period of time as the Amul model has successfully demonstrated. We believe that the initiatives of new Ministry of Cooperation shall help promote this cause for the betterment of all these four major castes through the several measures being taken for strengthening of cooperatives across the country.

The budget 24 announcement about mandatory blending

Nirmala Sitharaman, Union Finance Minister presented interim budget 2024 which brought forth a slew of transformative initiatives aimed at bolstering various sectors of the economy. From innovative schemes fostering renewable energy adoption to strategic investments in healthcare and agriculture, this budget outlines a vision for inclusive growth and sustainable development. The agri -input industry has commended that the schemes and initiatives announced in the budget 2024.

Dr K C Ravi, Chief Sustainability Officer, Syngenta India Pvt Ltd & Chairman, CropLife India opined “The robust physical-digital-social infrastructure developed in the last decade has given the economy a good foundation for a Viksit Bharat by 2047. Digital infrastructure and infusion of technology is imperative to not only sustain the momentum but also to take the agriculture growth story to its logical conclusion. The focus on self-reliance in edible oils and investment in post-harvest activities are some of the measures that can make this happen.

The full Budget has to address some pending reforms needed to further boost the impressive growth of India’s agrochemical sector. An enabling predictable science-based policy environment is absolutely essential to provide farmers cutting edge technologies to fight against climate threats besides the ever-increasing complex pests and diseases threatening crop yields. It is important that the industry is encouraged to invest in R&D for bringing newer molecules and technologies complemented by AI and digital technologies. Rationalising GST on agrochemicals to 12 per cent (from current 16 per cent) and allocating sufficient budgetary resources to introduce performance-linked incentives (PLI) will go a long way in consolidating and strengthening the agrochemical sector. Strategic policy decisions will propel India towards this growth, ultimately leading to a significant positive impact on further enhancing farmers’ income. These would give a decisive push for making Atmanirbhar Bharat.

Simon Wiebusch, President of Bayer South Asia and Vice Chairman, MD & CEO of Bayer CropScience Ltd (BCSL) said, “The Finance Minister’s announcement, identifying women and farmers as key focus groups for powering India’s growth, has set the stage for policies that can substantially boost development in rural areas. I am also happy to see the government’s continued push to improve farmer incomes. Policies like the PM Kisan Sampada Yojana and the PM Fasal Bima Yojana, along with measures to promote private and public investment in post-harvest activities including modern storage, efficient supply chains, and marketing and branding will herald a transformative era in Agriculture.

While the budget’s focus on advancing sustainability initiatives across sectors, improving farmer incomes, and women empowerment will help fulfil the Prime Minister’s vision of a ‘Viksit Bharat’, its proactive approach on women’s health is a crucial step towards ensuring preventive healthcare for a large section of the population.”

Rajesh Aggarwal, Managing Director, Insecticides India Ltd, said, “In response to the budget announcement for the fiscal year 2024-25, we, at IIL, welcome the government’s staunch commitment to the welfare and empowerment of our farmers, the providers of sustenance for the nation. The initiatives outlined in the budget, particularly those targeting the agricultural community, resonate strongly with our vision for a resilient and prosperous farming sector. The continuation of flagship schemes such as the PM Kisan Samman Yojana and PM Fasal Bima Yojana, providing direct financial assistance and crop insurance respectively, exemplifies the government’s dedication to safeguarding the livelihoods of our farmers. Moreover, the integration of mandis and the significant trading volume achieved therein highlight the government’s efforts towards modernising agricultural markets and enhancing the efficiency of agricultural trade. This move not only benefits the farmers by providing them with wider market access but also contributes to the overall growth of the agricultural sector. The focus on empowering the youth, particularly in agriculture, is commendable as it ensures the continuity of our farming traditions while infusing new energy and innovation into the sector.  We are particularly encouraged by the emphasis on technology adoption and innovation in agriculture.

 The integration of 1361 mandis into the Electronic National Agricultural Market, serving 1.8 crore farmers, is commendable. Furthermore, the budget’s focus on modern storage, supply chains, and branding, encouraging private and public investment in post-harvest activities, and the widespread adoption of market linkage techniques are steps in the right direction towards building a robust agricultural ecosystem. The budget definitely reflects a positive trajectory for the agricultural sector, emphasising inclusivity, innovation, and sustainability. We look forward to working together with the government and other stakeholders to leverage these opportunities for the benefit of our farmers and the nation as a whole”.

Raju Kapoor, Director, Industry & Public Affairs, FMC India opined, “The interim budget balances the fiscal prudence with growth. It has outlined various proactive measures for the agri industry at large. The allocation of a Rupees 1 lakh crore corpus for a 50-year interest-free loan to private sector is poised to fuel R&D and innovation in India fostering a conducive environment for advancements. The continuity of the ‘PM Kisan Sampada Yojana’ will make available requisite investment at the hands of farmers to promote use of newer technologies in the form of advanced agri-inputs. The emphasis on empowering women self-help groups with significant credit linkages will benefit in rural development and we resonate very well with it. The focus on minimizing post-harvest losses is crucial, and similarly we appreciate the decision to expand nano DAP usage across all agro-climatic conditions, which will undoubtedly catalyse the growth of drone applications in agriculture and improve fertilizer use efficiency. Investments to minimize the post-harvest infrastructure is a welcome step.

The industry was also hoping for the introduction of a Production Linked Incentive (PLI) for ‘new-age’ agro chemicals, positioning India as a global exporter and addressing domestic opportunity. The government could have also rationalized GST on agro chemicals to 12 percent. Additionally, we anticipated tax incentives on R&D investments and extension activities by the industry would further encourage innovation in the sector. We remain optimistic about the positive impacts of the interim budget and look forward to collaborative efforts to addressing more concerns in the future.”

Sanjiv Kanwar, Managing Director, Yara South Asia mentioned, “We welcome and commend the government’s focus on empowering poor, youth, women, and farmers through the interim budget announcement today. The increase in MSP for producers whenever required and the provision of basic goods has raised rural real income, which is a positive step towards ensuring the well-being of our farmers. We are also pleased to see the government’s commitment to modernizing storage, supply chains, and branding in the farm sector, which will benefit both farmers and consumers. Overall, we believe that this budget will provide a much-needed boost to the agriculture sector and encourage private and public investment in post-harvest activities. As a company committed to sustainable agriculture practices, we believe that continued investment in this sector is crucial for the long-term growth and prosperity of our country.”

Nirmala Sitharaman, Union Finance Minister presented interim

FSII appreciates the GST rationalisations on seeds raw materials and services, and Atmanirbhar Oilseeds Abhiyan.

Union Finance Minister Nirmala Sitharaman presented the interim Union Budget for forthcoming financial year (2024-25) in the parliament.FM announced schemes and special programmes for the various sectors of agriculture.

While sharing the post-budget reaction on behalf of Federation of Seed Industry of India (FSII) Ajai Rana, Chairman, FSII, CEO and Managing Director, Savannah Seeds Pvt Ltd said that having steered the economy to a glorious path in the last one decade with progressive reforms in agriculture, it is heartening to see the Finance Minister spell out the vision for making India Viksit by 2047 that relies on continued momentum on advances made so far. The Seed Industry is particularly happy to see the emphasis given on oilseeds and the imperative to make the sector self-reliant in this interim Budget.

We welcome the Finance Minister’s announcement on Atmanirbhar Oilseeds Abhiyan with a focused strategy on achieving self-reliance in oilseeds, such as mustard, groundnut, soyabean, sesame and sunflower. This is a timely and effective step that shall augment our aspirations to become self-reliant in this critical sector. As India continues to make rapid strides towards being a world leader, it is vital that we embrace globally approved technologies. The industry applauds Government’s focus on high yielding varieties of seeds, adoption of modern farming techniques, market linkages, procurement, value addition and crop insurance.

The Rs 1 lakh crore R&D corpus allocation for 50 years with low or nil interest is a visionary move guided by Hon PM’s focus on Jai Jawan, Jai Kisan, Jai Vigya & Jai Anusandhan.

The focus on reform, perform and transform has been evident in the Government’s work in the last one decade. We sincerely hope in the Full Budget after the new government, we shall see the spirit reflected in aspirations of the seeds industry by way of GST rationalizations on seeds raw materials and services, deductions on R&D expenses, progressive environment for enabling more investments in the sector.

FSII appreciates the GST rationalisations on seeds

The Private-Public partnership in post-harvest sector will help in reducing post-harvest losses and improving productivity and boost income of farmers.

Nirmala Sitharaman, Union Finance Minister presented the interim Union Budget for 2024-25 in the parliament.

In the budget presentation speech, Finance Minister said that government will further promote private and public investment in post-harvest activities which includes aggregation, modern storage, supply chains, primary and secondary processing, marketing and branding.

The Private-Public partnership in post-harvest sector will help in reducing post-harvest losses and improving productivity and boost income of farmers.

The Private-Public partnership in post-harvest sector will

Special programmes and schemes announced for dairy, acquaculture and oilseed sectors in Union budget 2024-25.

Nirmala Sitharaman, Union Finance Minister presented the interim Union Budget for 2024-25 in the parliament. Finance minister said that government will raise the fertilizer subsidy by 10 per cent. It will also increase the agri- credit by 10 to 25 per cent. The government will normalise the GST for seeds across the states to boost the income of farmers.

Dairy sector

FM announced that a comprehensive programme for supporting dairy farmers will be formulated. Efforts are already on to control foot and mouth disease. India is the world’s largest milk producer but with low productivity of milch-animals. The programme will be built on the success of existing schemes such Rashtriya Gokul Mission, National Livestock Mission, and Infrastructure Development Funds for dairy processing and animal husbandry.

Oil Seeds

Government will launch programme Aatmanirbhar Oilseeds initiative – Self-sufficiency in the production of oil seeds. Building on the initiative announced in 2022, a strategy will be formulated for achieving self-reliance in oilseeds, such as mustard, groundnut, soya bean, sesame and sunflower. This will cover research in high-yielding varieties, adoption of modern farming techniques, market linkages, procurement, value addition and crop insurance.

 Aquaculture

Government has set up a separate Department for Fisheries realizing the importance of assisting fishermen. This has resulted in doubling of both inland and aquaculture production. Seafood export since 2013-14 has also doubled. Implementation of Pradhan Mantri Matsya Sampada Yojana (PMMSY) will be stepped up to enhance aquaculture productivity from existing 3 to 5 tons per hectare, to double exports to ` 1 lakh crore and to generate 55 lakh employment opportunities in near future.  Five integrated aquaparks will be setup. For promoting climate resilient activities for blue economy 2.0, a scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with integrated and multi-sectoral approach will be launched.

Nano DAP

After the successful adoption of Nano Urea, application of Nano DAP on various crops will be expanded in all agro-climatic zones.

Phased mandatory blending of compressed biogas

(CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes will be mandated.  Financial assistance will be provided for procurement of biomass aggregation machinery to support collection.

Bio-manufacturing and Bio-foundry

For promoting green growth, a new scheme of bio-manufacturing and bio-foundry will be launched. This will provide environment friendly alternatives such as biodegradable polymers, bioplastics, biopharmaceuticals and bio-agri-inputs. This scheme will also help in transforming today’s consumptive manufacturing paradigm to the one based on regenerative principles.

Sitharam mentioned that Crop insurance has been given to 4 crore farmers under the PM Fasal Bima Yojana. This assists the Annadata in producing food for the country and the world.

She also added that 1361 e-mandis have been integrated with 3 lakh crore trading volume. For welfare of our Annadata, every year, under PM Kisan Samman Yojana, direct financial assistance is provided to 11.8 crore farmers.  PM Kisan Sampada scheme has benefitted 38 lakh farmers.

Special programmes and schemes announced for dairy,