Enumerating the benefits of the agriculture schemes implemented by the Modi government in her interim budget speech, Finance Minister Nirmala Sitharaman on Thursday, touted that the PM Kisan SAMPADA (Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters) Yojana has benefited 38 lakh farmers and assisted 2.4 lakh self-help groups (SHGs). The scheme uses modern infrastructure and supply chain management to ease the transfer of farm goods from farmers to retail outlets.
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She added that the government will promote private and public investment in post-harvest activities, including storage, processing. Usage of nano Diammonium phosphate (DAP) fertilisers on crops will be expanded for all agro-climactic zones said Ms. Sitharaman. A strategy focusing on oilseeds will be formulated soon covering research for high-yielding varieties, procurement, value addition and crop insurance.
Apart from these, the Finance Minister also announced a comprehensive program to support dairy farmers, tackle the Foot and Mouth Disease among cattle. Lauding the establishment of a separate fisheries department, the Minister informed the Parliament that the PM Matsya Sampada yojana has helped double seafood exports from 2013-14. The scheme will be boosted to generate 55 lakh jobs and boost exports to Rs 1 lakh crore.
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The Finance Minister is presenting the interim budget for the FY 2024-25 as a ‘stop gap’ measure for the transition period between April and June/July. After the Lok Sabha elections scheduled to be held in April-May, the new government will present a full-fledged budget in which Ms. Sitharaman has promised to present a pathway for ‘Vikasit Bharat’ (developed India).
Slack in consumption demand for Fast-moving consumer goods (FMCG) has been concern of the agriculture sector. High input costs has lead to companies hiking goods, leading to slump in demand. the advance GDP estimates shows the sector’s growth decelerate from 4% in 2022-23 to 1.8% in the current fiscal. Even the Index of Industrial Production (IIP) data for April-November revealed the output of consumer durables decelerated to 0.6 per cent, against 5.3 per cent in the same period last year.
Seeking to tackle these issues, the sector hoped that the government may tweak the tax slabs in the new regime or increase standard deduction, allowing taxpayers a breather.
