Budget 2024 for the Agriculture Sector
The interim budget 2024 will not only impact the ruling government but also the common people, including farmers and rural communities, who have faced several challenges in the agricultural sector. Over the last 6 years, despite reaching an average annual growth rate of more than 4%, the sector has faced worries about its long-term sustainability as a livelihood option.
It is believed that increased public expenditure in agriculture may revive the sector, which is especially beneficial for marginal and small farmers in terms of sustainability.
As per budget 2024, the Finance Minister, Nirmala Sitharaman, plans to enhance milk and dairy-related production in the country, as India is the world’s largest milk producer but is facing issues with low productivity.
Further, she said, the production of milk in India increased 4% to 230.58 million metric tons in 2022–23.
The government will add more initiatives in the agriculture sector and support the farmer’s income, she added in her speech. In this context, the government has increased the minimum prices for ‘Annadata’ on a regular basis, she stated.
The government will encourage public and private investment in post-harvest activities such as storage and processing. Moreover, the government will also promote these post-harvest activities, including modern storage, primary and secondary processing, an efficient supply chain, and marketing and branding, to ensure the faster growth of the sector, said the finance minister.
