Budget 2022: FM announces farm procurement value of 2.37 trillion rupees
Finance Minister focuses on inclusive development, highlights procurement value of 2.37 trillion rupees, promoting domestic production of oil seeds, promoting private agri-tech and so on.
With the budget 2022, announcement comes for farm procurement value of 2.37 trillion rupees. Finance minister, Nirmala Sitharaman, began discussion on highly expected inclusive development for agricultural sector with procurement of wheat and paddy.
Guiding Factors Behind the Budget:
FM started addressing the proceeding after speaker, with her budget 2022. To begin with, she expressed her sympathies with those who are adversely affected by COVID-19 pandemic. Further, there was a mention of the guiding factors behind the budget which assumes growth of Indian economy at 9.2%, MSMEs development, environment friendly clean energy, and private investments.
Why is agriculture sector is more important this year?
Firstly, agricultural farm laws were introduced in September 2020. Afterwards, these were repealed in December 2021. So, the stress was laid on expectations of agricultural sector. MSP, minimum support price, was given exceptional importance. The allocation and incentivisation of agriculture sector is important under the light of elections in 5 states from Feb 10, 2022 to March 7, 2022. These states are mainly inclusive of cow-belts where certain crops constitute the major part of agriculture.
What else than farm procurement value of 2.37 trillion rupees?
An announcement for direct payment of 2.37 trillion rupees of MSP value to farmers has been made. Thus, a farm procurement value of 2.37 trillion rupees. The year 2023 is announced as the international year for millets. The budget aims to incentivise domestic production of oil seeds to reduce dependence on import. Further, a scheme in PPP mode will be launched to extend private agri-tech. PPP is a public-private partnership, an arrangement between two or more public and private sectors which are in long-term partnership.
The budget seeks to mobilise agriculture universities. Finance startups shall include tech-support to complement organic farming. Further, 5 river plans have been finalised. Moreover, there shall also be an emergency credit line guarantee scheme.
