Sowing the Seeds of Success: 2023-24 Budget Puts Farmers First

• The 2023-24 budget aims to promote the modernization of agriculture and provide comprehensive benefits to farmers, the poor, middle class, women, and the youth.
• The Ministry of Agriculture and Farmers Welfare has a total budget of Rs 1.25 lakh crore, including:
  • Rs 60,000 crore for the PM-Kisan scheme
  • Rs 23,000 crore for the Kisan Credit Card, benefiting 86% small farmers
• The budget also focuses on:
  • Animal Husbandry, Dairy, and Fisheries with an agricultural loan target of Rs 20 lakh crore
  • The Digital Agriculture Mission with a provision of Rs 450 crore
  • Promotion of Agriculture sector through technology with a provision of Rs 600 crore
  • Natural farming with a provision of Rs 459 crore 
  • 10000 Bio Input Research Centres to be opened to support 1 crore farmers in 3 years for Natural Farming
• The budget prioritizes food and nutritional security with an increased allocation of Rs 1,623 crore.
• The budget encourages agri-startups through an Agriculture Accelerator Fund with an allocation of Rs 500 crore for a period of 5 years.
• The budget promotes the development of the horticulture sector with an increased allocation of Rs 2,200 crore.
• This budget is aimed at benefiting the common people and improving their lives, with:
  • Increased allocation for free ration under the Pradhan Mantri Garib Kalyan Yojana
  • Increased allocation for the Pradhan Mantri Awas Yojana by 66% to Rs 79,000 crore
  • Increased employment opportunities and the opening of national digital library for children and adolescents
  • Relief for small and medium industries affected by the Covid epidemic.

As expected from,  SACHIN NANDWANA, Co-Founder & Director, BigHaat,  the latest Union Budget has demonstrated a clear emphasis on the agriculture sector, with a particular focus on agri-startups. This aligns with our discussions held with the International Finance Corporation (IFC), which emphasized the importance of developing a comprehensive agriculture ecosystem. The government is determined to take the agriculture sector to the next level by attracting young entrepreneurs to establish start-ups in this field. Based on current estimates, it is expected that the number of agri-startups will increase to 10,000 within the next three to four years.

To support this growth, the government must provide catalyst funds to young entrepreneurs seeking to establish agri-startups. This will play a crucial role in facilitating the growth and development of the agriculture tech sector, which is expected to undergo significant transformation in the coming decades.

Note: The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. Pesticides are a considerable risk of loss in crops and viewers are advised to do their own research before making any decisions.