NEW DELHI, Feb 1: Finance Minister Nirmala Sitharaman unveiled six new initiatives on Saturday, alongside an increase in the subsidised Kisan Credit Card (KCC) loan limit from Rs 3 lakh to Rs 5 lakh, addressing issues ranging from unemployment to agricultural productivity enhancement nationwide.
Delivering her eighth budget address in Parliament, Sitharaman emphasized agriculture as “the first engine of growth,” launching the Prime Minister Dhan-Dhaanya Krishi Yojana, a flagship initiative targeting 100 agricultural districts facing low productivity, moderate crop intensity, and underwhelming credit conditions.
This scheme aims to be implemented in collaboration with state governments and is expected to benefit around 1.7 crore farmers by enhancing agricultural productivity, promoting crop diversification, and improving post-harvest infrastructure.
To combat rural unemployment, the government will roll out a comprehensive ‘Rural Prosperity and Resilience’ program.
Sitharaman stated, “The aim is to create ample opportunities in rural areas, making migration a choice rather than a necessity.”
The initiative will particularly focus on rural women, young farmers, rural youth, marginal and smallholder farmers, and landless families.
In a significant move toward self-sufficiency in pulse production, a six-year mission will be launched to enhance the output of tur, urad, and masoor. As part of this effort, cooperatives Nafed and NCCF will procure pulses from registered farmers under long-term agreements.
To bolster the makhana industry in Bihar, a dedicated Makhana Board will be set up to improve production, processing, and marketing, while organizing farmers into FPOs and providing them with training and access to government schemes.
The FM announced a considerable increase in KCC benefits, raising the subsidised short-term loan limit from Rs 3 lakh to Rs 5 lakh for 7.7 crore farmers, fishermen, and dairy farmers.
A new research mission will focus on developing high-yield, pest-resistant, and climate-resilient seeds, with plans for the commercial release of over 100 seed varieties introduced since July 2024.
Additionally, a five-year cotton mission will target improving productivity and promoting extra-long staple cotton varieties, aligning with India’s integrated 5F vision for the textile sector.
Recognizing India’s status as the second-largest global producer in fish and aquaculture, with seafood exports valued at Rs 60,000 crore, the government will introduce a framework for sustainable fishing in the Indian Exclusive Economic Zone and the High Seas, particularly focusing on the Andaman & Nicobar and Lakshadweep Islands.
Other announcements include plans for a new urea plant in Namrup, Assam, with an annual capacity of 12.7 lakh tonnes, as well as increased support for the National Cooperative Development Corporation (NCDC) concerning cooperative sector lending operations.
In the horticulture sector, a comprehensive program will be launched to enhance production, streamline supply chains, and ensure competitive prices for farmers growing vegetables, fruits, and Shree Anna, addressing rising consumption trends driven by increasing incomes. The initiative will be implemented in partnership with states and will involve farmer-producer organizations and cooperatives through effective institutional mechanisms.
Agriculture Minister Shivraj Singh Chouhan remarked on the Budget, stating it is a visionary approach that caters to every sector and section of society. He emphasized that agriculture and farmers’ welfare have been prioritized. “It embodies a spirit of faith, a desire for development, and the aim to build a developed India,” Chouhan expressed on social media. The Budget seeks to foster a self-reliant India, he noted. (PTI)
