{"id":11821,"date":"2024-07-23T17:51:16","date_gmt":"2024-07-23T12:21:16","guid":{"rendered":"https:\/\/razorpay.com\/learn\/?p=11821"},"modified":"2024-07-23T18:02:02","modified_gmt":"2024-07-23T12:32:02","slug":"budget-2024-agriculture-highlights","status":"publish","type":"post","link":"https:\/\/razorpay.com\/learn\/budget-2024-agriculture-highlights\/","title":{"rendered":"Budget 2024: \u20b91.52 Lakh Crore Allocation for Agriculture Sector, Says FM"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Union Finance Minister <\/span><b>Nirmala Sitharaman<\/b><span style=\"font-weight: 400;\"> presented the <\/span><b>Union Budget<\/b> <b>2024 <\/b><span style=\"font-weight: 400;\">today, July 23, announcing a substantial allocation of <\/span><b>\u20b91.52 lakh crore<\/b><span style=\"font-weight: 400;\"> for agriculture and allied sectors in FY25. This announcement, part of Sitharaman\u2019s seventh consecutive budget presentation, has led to a significant surge in agriculture stocks.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sitharaman emphasized the government\u2019s commitment to transforming the agricultural landscape with a focus on sustainable practices, digital infrastructure, and boosting production.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69da948e15ef5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69da948e15ef5\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-agriculture-highlights\/#Union-Budget-2024-Agricultural-Sector-Key-Highlights\" >Union Budget 2024: Agricultural Sector Key Highlights\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-agriculture-highlights\/#Shift-Towards-Natural-Farming\" >Shift Towards Natural Farming<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-agriculture-highlights\/#Strengthening-Agricultural-Research-Developing-Climate-Resilient-Varieties\" >Strengthening Agricultural Research, Developing Climate Resilient Varieties<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-agriculture-highlights\/#Large-scale-Vegetable-Production-Clusters-to-be-Promoted\" >Large-scale Vegetable Production Clusters to be Promoted<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-agriculture-highlights\/#Digital-Public-Infrastructure-DPI-in-Agriculture\" >Digital Public Infrastructure (DPI) in Agriculture<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-agriculture-highlights\/#Kharif-to-be-taken-up-in-400-districts-in-FY25\" >Kharif to be taken up in 400 districts in FY25<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-agriculture-highlights\/#Financial-Support-for-Aquaculture-Nucleus-Breeding-Center\" >Financial Support for Aquaculture (Nucleus Breeding Center)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-agriculture-highlights\/#National-Cooperation-Policy\" >National Cooperation Policy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/razorpay.com\/learn\/budget-2024-agriculture-highlights\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Union-Budget-2024-Agricultural-Sector-Key-Highlights\"><\/span><b>Union Budget 2024: Agricultural Sector Key Highlights\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Here are some of the major updates for the agriculture sector from the Union Budget 2024:<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Promotes sustainable agriculture, reduces chemical reliance, enhances soil health, and increases farmer profitability.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Establishment of strategically located clusters to boost vegetable production and supply.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Introduction of 109 new high-yielding, climate-resilient crop varieties and 10,000 bio-input centers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Collaboration with state governments to provide farmers with weather forecasts, crop advisories, and market prices.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Conducting a digital crop survey and issuing Kisan credit cards in five states, along with financing for shrimp farming.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Financial support for shrimp breeding centers, farming processing and export.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Significant gains in agriculture stocks following the budget announcement and a \u20b91.52 trillion allocation for agriculture.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Introduction of a policy for the systematic and comprehensive development of the cooperative sector.<\/span><\/li>\n<\/ul>\n<p><em><strong>Read More About: <a href=\"https:\/\/razorpay.com\/learn\/budget-2024-highlights\/\">Budget 2024 Highlights from Various Sectors<\/a><\/strong><\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Shift-Towards-Natural-Farming\"><\/span><b>Shift Towards Natural Farming<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The key initiatives include the introduction of natural farming practices to 10 million farmers over the next two years and significant investments in irrigation and soil health improvement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Union Budget 2024 aims to promote sustainable agricultural practices and reduce reliance on chemical fertilizers and pesticides. Natural farming not only improves soil health and biodiversity but also lowers cultivation costs for farmers, thereby increasing their profitability.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Strengthening-Agricultural-Research-Developing-Climate-Resilient-Varieties\"><\/span><b>Strengthening Agricultural Research, Developing Climate Resilient <\/b><b>Varieties<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>109<\/b><span style=\"font-weight: 400;\"> new high-yielding, climate-resilient crop varieties to be introduced to farmers.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Additionally, <\/span><b>10,000<\/b><span style=\"font-weight: 400;\"> need-based bio-input centers will be established, and efforts will be made to enhance the production, storage, and marketing of oilseeds.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Government to conduct a thorough review of agricultural research and focus on developing climate-resilient crop varieties.\u00a0<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Large-scale-Vegetable-Production-Clusters-to-be-Promoted\"><\/span><b>Large-scale Vegetable Production Clusters to be Promoted<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Government to promote the establishment of large-scale vegetable production clusters.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">These clusters will be strategically located to enhance production and ensure a consistent supply of vegetables nationwide.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Digital-Public-Infrastructure-DPI-in-Agriculture\"><\/span><b>Digital Public Infrastructure (DPI) in Agriculture<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The government to collaborate with state governments to advance digital public infrastructure.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">This digital framework will offer farmers essential information, including weather forecasts, crop advisory services, and market prices.<\/span><\/li>\n<\/ul>\n<p><strong><em>Read About: <a href=\"https:\/\/razorpay.com\/learn\/union-budget-2024-highlights-for-msme\/\">Budget 2024 Highlights for the MSME Sector<\/a><\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Kharif-to-be-taken-up-in-400-districts-in-FY25\"><\/span><b>Kharif to be taken up in 400 districts in FY25<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Digital crop survey for the Kharif season to be conducted in <\/span><b>400 districts<\/b><span style=\"font-weight: 400;\"> during FY25.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Jan Samarth-based Kisan credit cards to be issued in five states, and financing for shrimp farming, processing, and export will be facilitated through NABARD.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Financial-Support-for-Aquaculture-Nucleus-Breeding-Center\"><\/span><b>Financial Support for Aquaculture (Nucleus Breeding Center)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Budget also includes financial support for shrimp production and exports.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sitharaman mentioned that the government will facilitate the setting up of nucleus breeding centers for shrimp rootstocks and provide financing for shrimp farming, processing, and export.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"National-Cooperation-Policy\"><\/span><b>National Cooperation Policy<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A new national cooperation policy to be introduced to ensure the systematic, orderly, and all-round development of the cooperative sector.<\/span><\/li>\n<\/ul>\n<h3><b>Market Reaction to Agriculture Reforms<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The announcement led to a notable rally in agriculture stocks, with major players such as <\/span><b>Kaveri Seed Company, Avanti Feeds, Coastal Corporation, Zeal Aqua, and BKV Industries<\/b> <span style=\"font-weight: 400;\">witnessing significant gains of <\/span><b>2-10%<\/b><span style=\"font-weight: 400;\"> post the budget announcement.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Finance Minister Nirmala Sitharaman has also allocated<\/span><b> \u20b91.52 trillion<\/b> <span style=\"font-weight: 400;\">for agriculture. Analyst predicts strong performance, especially for <\/span><b>Kaveri Seed Company<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><em><strong>Related Read: <a href=\"https:\/\/razorpay.com\/learn\/budget-2024-pdf-download\/\">How to Download Budget 2024 PDF Documents\u00a0<\/a><\/strong><\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">To sum up, the Union Budget 2024 lays emphasis on the agricultural sector with a \u20b91.52 lakh crore allocation, focusing on sustainable practices, digital infrastructure, push for natural farming, and increased productivity. <\/span><b>\u00a0<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Union Finance Minister Nirmala Sitharaman presented the Union Budget 2024 today, July 23, announcing a substantial allocation of \u20b91.52 lakh crore for agriculture and allied sectors in FY25. This announcement, part of Sitharaman\u2019s seventh consecutive budget presentation, has led to a significant surge in agriculture stocks. Sitharaman emphasized the government\u2019s commitment to transforming the agricultural<\/p>\n","protected":false},"author":151156615,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3861],"tags":[3862,3889],"class_list":{"0":"post-11821","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-latest-news","7":"tag-budget-2024","8":"tag-budget-2024-highlights"},"_links":{"self":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/11821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/users\/151156615"}],"replies":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/comments?post=11821"}],"version-history":[{"count":3,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/11821\/revisions"}],"predecessor-version":[{"id":11829,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/11821\/revisions\/11829"}],"wp:attachment":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media?parent=11821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/categories?post=11821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/tags?post=11821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}