Budget 2024: Here are the top 5 expectations of agricultural sector

The full budget for the current fiscal year is expected to be presented in the third week of July. Finance Minister Nirmala Sitharaman has been holding pre-budget consultations with representatives of various sectors in June.

Agriculture sector which is one of the key sectors, is expected to grow at a rate of 6% in the current fiscal 2024-25. Mint quoted experts and mentioned that the farm and agri sector has grappled with strenuous challenges such as drought, adverse weather conditions, the impact of climate change, and inflationary pressures.

Key expectations of Agri sector

• Higher export: Mint quoted PHD Chamber of Commerce and Industries and said that the exports of agri and allied products should be increased to the level of $100 billion in the next three years from the current level of around $25 billion.
• Long term credit for farmers: As per the industry body, there is a need to strengthen access to credit for long-term loans to enhance growth and productivity in the sector and farm incomes.
• Strong rural infrastructure: Focusing on building rural infrastructure, including roads, bridges, storage facilities, cold chains, and veterinary services, can significantly reduce post-harvest losses and improve market access for farmers in remote areas is also expected.
• Minimize impact of climate change: As per Mint, as many as 80% of marginal farmers in India have suffered crop losses due to adverse climatic events over the past five years. Hence the sector is expecting an adaptation strategy to promote climate-resilient agricultural practices, diversify livelihoods, and improve access to financial services and technical advice
• Budget Allocation: The sector is also expecting an enhancement in the budget allocation for the Agricultural and Processed Food Products Export Development Authority from ₹80 crore to ₹800 crore to boost farm exports.

Also watch: Union Budget 2024: Industry leaders urge for tax, inflation relief