Farmers Get Big Boost in Interim Budget 2024: Direct Aid, Insurance, Market Access

New Delhi: Farmer welfare and rural development received a major push in the Interim Budget 2024-25 presented by Finance Minister Nirmala Sitharaman. She highlighted the positive impact of the Pradhan Mantri Kisan Sampada Yojana, benefiting 38 lakh farmers and generating 10 lakh employment opportunities.

Sitharaman emphasized the regular increase in minimum support prices for farmers and the annual provision of direct financial assistance to 11.8 crore farmers under the PM-KISAN SAMMAN Yojana. Additionally, crop insurance was extended to 4 crore farmers through the PM Fasal Bima Yojana. The Finance Minister assured that these initiatives, coupled with others, have alleviated concerns about food scarcity by providing free ration to 80 crore people.

Promising further support, Sitharaman pledged to boost private and public investment in post-harvest activities, including aggregation, modern storage, efficient supply chains, and marketing. She highlighted the sector’s potential for inclusive growth, crediting farmer-centric policies, income support, risk coverage, and technology promotion.

The Finance Minister highlighted the success of the Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, benefiting 2.4 lakh Self-Help Groups (SHGs) and 60,000 individuals with credit linkages. She noted that complementary schemes aim to reduce post-harvest losses, improve productivity, and increase incomes.

Sitharaman mentioned the Electronic National Agriculture Market, integrating 1,361 mandis and serving 1.8 crore farmers with a trading volume of Rs 3 lakh crore. This, along with the provision of basic necessities, has boosted real income in rural areas, addressing economic needs and fostering growth and job creation.

The Finance Minister announced a strategy for achieving self-sufficiency (atmanirbharta) in oilseeds like mustard, groundnut, sesame, soybean, and sunflower. The strategy encompasses research for high-yielding varieties, modern farming techniques, market linkages, procurement, value addition, and crop insurance.

Concluding her speech, Sitharaman shared plans for expanding the application of Nano DAP on various crops across all agro-climatic zones after the successful adoption of Nano Urea. These measures aim to further enhance agricultural productivity and sustainability.