What gifts does the Union Budget 2023-24 bring for Indian farmers?

The animal husbandry sector received a boost in the Union Budget 2023-24, which was announced by Finance Minister Nirmala Sitharaman on February 1, 2023. eFeed has prepared a report on how important this Budget will turn out to be for Indian farmers. Will it be a turning point or a disappointment? Read ahead to find out.

According to the official budget documents, the Department of Animal Husbandry and Dairying received an allocation of Rs 4,327.85 crore, an increase of nearly 40% compared to the revised estimates for the financial year (FY) 2022-23 (Rs 3,105.17 crore). A significant portion of the total allocation was allocated to the livestock health and disease control program, with an allocation of Rs 2,349.71 crore. This is a 69% increase from the allocation of Rs 1,390.02 crore in FY 2022-23, reflecting the government's priority in addressing the recent outbreaks of deadly livestock diseases such as Lumpy Skin Disease and African Swine Fever (Ministry of Finance, 2023).

The funds under the program aim to support the efforts of state governments in ensuring sustainable livestock health through activities such as immunization, skill development, and the creation of veterinary infrastructure. The budget also included grants to the Veterinary Council of India and state veterinary councils.

The National Livestock Mission, which aims to develop the livestock sector sustainably, received an allocation of Rs 410 crore. This sector has been growing at a compound annual growth rate of 7.9% from 2014-15 to 2020-21, making substantial allocations essential to support its continued contribution to economic growth (Ministry of Agriculture and Farmers' Welfare, 2021).

In her budget speech, Finance Minister Sitharaman stated that the agriculture credit target would be increased to Rs 20 lakh crore, focusing on animal husbandry, dairy, and fisheries. The Department of Fisheries also saw an increase in allocation by 38.4%, and a new sub-scheme of Pradhan Mantri Matsya Sampada Yojana was launched with a targeted investment of Rs 6,000 crore to support the activities of fishermen, fish vendors, and micro and small enterprises, improve value chain efficiencies, and expand the market.

References:

Ministry of Finance. (2023). Union Budget 2023-24. Retrieved from https://www.indiabudget.gov.in/budget2023-24/ub2023-24.pdf

Ministry of Agriculture and Farmers' Welfare. (2021). National Livestock Mission. Retrieved from https://agricoop.nic.in/nlm/index.html