Finance Minister Nirmala Sitharaman allocated ₹1.52 lakh crore for agriculture in the Union Budget 2024. This significant investment aims to boost the agricultural sector, improve rural livelihoods, and enhance overall economic growth. The funds will support various initiatives to strengthen and modernize the agricultural infrastructure.
While presenting the Budget on July 23, Sitharaman emphasized the importance of the agricultural sector and announced the introduction of 109 high-yielding, climate-resilient seed varieties. These seeds will be developed for 32 field and horticulture crops, helping farmers increase productivity and adapt to climate change.
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The allocation of ₹1.52 lakh crore for agriculture is expected to benefit rural demand for automobiles, particularly entry-level two-wheelers and tractors. This will not only support farmers in their daily operations but also boost the rural economy by increasing mobility and efficiency.
In addition to financial support, the government will promote digital public infrastructure for agriculture in partnership with states. This initiative aims to provide farmers with better access to information, services, and markets, thereby improving their productivity and income.
Sitharaman also announced that over the next two years, 1 crore farmers will be initiated into natural farming, supported by certification and branding. This move is part of the government’s effort to promote sustainable agricultural practices and enhance the quality and marketability of farm produce.
