Indian Economy News

Annual agri-budget rose five-fold to US$ 15 billion (Rs. 1.25 trillion) since 2014: Prime Minister Mr. Narendra Modi

  • IBEF
  • February 27, 2023

Prime Minister Mr. Narendra Modi stated that India's annual budget for agriculture has increased five-fold to US$ 15 billion (Rs. 1.25 trillion) since 2014 and that his administration is concentrating on the development of the farm sector and working in mission mode to lessen the import dependence of food items like edible oils. He was addressing a post-budget webinar on 'Agriculture and Cooperatives', which is the second of a series of 12 post-budget webinars organized by the government to seek ideas and suggestions for the effective implementation of the initiatives announced in the Union Budget 2023.

The Prime Minister also outlined the various measures announced in the budget to expand the cooperative sector nationwide and draw young talent to the sector. He stressed that various decisions are being continuously taken in the budget to promote the agricultural sector so that the nation becomes 'aatmanirbhar' and the funds used for imports can reach farmers. He also lauded farmers for transforming India's agriculture scenario by not only making the nation 'aatmanirbhar' but also capable of exporting food grains.

Mr. Narendra Modi emphasised that until the issues pertaining to the agricultural sector are resolved, the objective of full growth cannot be attained. Additionally, he also talked about the proposed accelerator funds for agri-tech startups in the Budget presented by the Finance Minister Ms. Nirmala Sitharaman.

The International Year of Millets was also touched upon, and the Prime Minister said that because of its international identity, the gateway to the global market for Indian farmers is also being opened.

Furthermore, the various initiatives of the government were explained to promote the cooperative sector in the country. The Prime Minister also touched upon the PM Pranam Yojana and Gobardhan Yojana where the government is working towards promoting natural farming and reducing chemical-based farming.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.