Indian 2023 Budget Likely To Invest In Sustainable Agriculture

Agriculture is a vital sector for India’s economy, as it employs a large portion of the population and is a major source of food security. In Budget 2023, the government needs to invest more resources to improve farmers’ livelihoods. In recent years, the government has launched several schemes to support livelihoods of farmers and in turn the whole agriculture sector.

These schemes include Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) and the Pradhan Mantri Fasal Bima Yojana (PMFBY). PM-KISAN provides farmers with an annual income of Rs 6,000. According to government data, over Rs 2 lakh crore has been released to 113 million farmer families. PMFBY, a crop insurance scheme, has enrolled over 380 million farmer applications. For every Rs 100 premium paid by farmers, Rs 493 has been received as claims.

The government also needs to focus on building agriculture infrastructure and R&D capacities, says Shashi Kant Singh, executive director – of agri and natural resources at PwC India. He adds that fisheries and animal husbandry should also be given greater play in the budget. Siraj Hussain, former secretary of the Ministry of Agriculture, GoI, believes that the budget should find more resources for investment in agriculture.

Source: https://www.indiatvnews.com/business/budget/budget-2023-likely-to-invest-in-sustainable-agriculture-r-d-to-improve-farmers-livelihoods-2023-01-25-841871