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Budget 2023 likely to invest in sustainable agriculture, R&D to improve farmers' livelihoods

The proposed 2023 budget prioritizes investing in agriculture for a sustainable future. Funds will likely be allocated for modernizing infrastructure, implementing new technologies and promoting sustainable practices.

Edited By: India TV Business Desk New Delhi Published on: January 25, 2023 11:13 IST
Budget 2023, agriculture budget 2023, budget news
Image Source : UNSPLASH The govt has launched several schemes to support livelihoods of farmers and in turn the whole agriculture sector.

Budget 2023: Agriculture is a vital sector for India's economy, as it employs a large portion of the population and is a major source of food security. In Budget 2023, the government needs to invest more resources to improve farmers' livelihoods. In recent years, the government has launched several schemes to support livelihoods of farmers and in turn the whole agriculture sector.

BUDGET 2023: FULL COVERAGE

These schemes include Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) and the Pradhan Mantri Fasal Bima Yojana (PMFBY). PM-KISAN provides farmers with an annual income of Rs 6,000. According to government data, over Rs 2 lakh crore has been released to 113 million farmer families. PMFBY, a crop insurance scheme, has enrolled over 380 million farmer applications. For every Rs 100 premium paid by farmers, Rs 493 has been received as claims.

 
The government also needs to focus on building agriculture infrastructure and R&D capacities, says Shashi Kant Singh, executive director - of agri and natural resources at PwC India. He adds that fisheries and animal husbandry should also be given greater play in the budget. Siraj Hussain, former secretary of the Ministry of Agriculture, GoI, believes that the budget should find more resources for investment in agriculture.

ALSO READ: Union Budget 2023: Government likely to push railway assets monetisation
 
FAQ:
Q. What are the government's plans for agriculture in Budget 2023?

A. The government plans to invest more resources to improve farmers' livelihoods and focus on building agriculture infrastructure and R&D capacities.
 
Q. How will this budget improve the lives of farmers?
A. The budget aims to increase farmer incomes and provide sustainable solutions for agriculture, such as diversification and development in fisheries and animal husbandry.

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