2022 -2023 Ag BUDGET

 

source - https://www.cropin.com/blogs/union-budget-2022-23-for-the-agriculture-sector-key-takeaways#:~:text=The%20total%20budget%20allocated%20to,projected%20expenditure%20for%202022%2D23.

The total budget allocated to the Department of Agriculture and Farmers’ Welfare stands at ₹1.24 lakh crores, a considerable 3.1% of the total projected expenditure for 2022-23.

Direct payment of MSP to farmers

The Budget has earmarked ₹2.37 lakh crores as direct payments as MSP (minimum support price) to 163 lakh wheat and paddy farmers. Wheat procurement in Rabi 2021-22 and the estimated paddy procurement in Kharif 2021-22 will cover 1208 lakh metric tons of the two crops.

International Year of Millets

In line with The United Nations (UN) General Assembly declaring 2023 as the International Year of Millets, the Finance Minister has announced support for post-harvest value addition of millets to enhance domestic consumption, along with support for branding millet products nationally and internationally. Notably, India is one of the largest global producers of millets.

Boost to domestic production of oilseeds

The Budget assures the implementation of a rationalized and comprehensive scheme to boost domestic production of oilseeds, intending to reduce the country’s dependence on imports. 

Nearly two-thirds of India’s oilseed needs depend on imports. Until recently, the annual import of edible oil averaged 1.5 crore tons compared to domestic production of close to 80 lakh tons. This Budget proposal is in line with the vision for Atma Nirbhar Bharat (self-reliant India), thereby ensuring the edible oil security of the nation.

Boost to domestic production of oilseeds

The Budget assures the implementation of a rationalized and comprehensive scheme to boost domestic production of oilseeds, intending to reduce the country’s dependence on imports. 

Nearly two-thirds of India’s oilseed needs depend on imports. Until recently, the annual import of edible oil averaged 1.5 crore tons compared to domestic production of close to 80 lakh tons. This Budget proposal is in line with the vision for Atma Nirbhar Bharat (self-reliant India), thereby ensuring the edible oil security of the nation.

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