Budget 2024: high expectations from farmers, major announcements expected from central government

The heated atmosphere surrounding Budget 2024, the Central Government is expected to make several significant announcements for farmers. Farmers have high hopes for this budget. Let's review the interim budget presented in February this year to understand the announcements made for the agricultural sector.

Review of Previous Interim Budget Announcements for Farmers and Agriculture:

Before the Lok Sabha elections, the finance minister presented an interim budget focusing on rural development and referred to farmers as the nation's 'Annadata' (providers). The budget emphasized increasing both private and public investment in post-harvest activities. Additionally, the finance minister announced the expansion of the use of Nano-DAP (Diammonium Phosphate) across all agricultural and climatic regions. The 'Atmanirbhar Tilhan Abhiyan' (Self-reliant Oilseed Campaign) was also launched during this time. Significant programs for the development of milk and dairy sectors were announced, along with plans to boost aquatic agricultural productivity, double exports, and create more employment opportunities through the PM Matsya Sampada Yojana. This included establishing five integrated aqua parks to advance the fisheries sector.

Current Expectations from Farmers and the Agricultural Sector for This Budget:

Reflecting on the previous budget, which was approximately ₹48 lakh crore, only about ₹1.25 lakh crore was allocated for the entire nation's farmers, with around ₹65,000 crore distributed through the PM Kisan Samman Nidhi scheme. 

Before finalizing this budget, Finance Minister Nirmala Sitharaman consulted with agricultural experts, farmer representatives, and top officials from the agriculture department to gather their suggestions. Agricultural experts have pointed out that the government's focus has primarily been on the development of markets and large companies. They stress the necessity of providing substantial support to farmers through a guaranteed Minimum Support Price (MSP). They emphasize that the government's attention should shift towards strengthening the entire agricultural sector.

Read More... Budget 2024: Major Announcements Expected on July 23, PM Kisan Samman Nidhi Scheme and Various Sectors

The rising costs of production have made farming increasingly unprofitable, pushing many farmers into debt. Experts suggest that the government should implement the Swaminathan Formula, which provides legal guarantees for MSP to ensure financial benefits for farmers. They note that in many developed countries, substantial economic assistance is provided to farmers to improve their conditions, a strategy that should now be adopted in India as well.