Introduction to Union Budget

The Union Budget is the most closely followed event in India, with retailers, manufacturers, investors, stockbrokers, farmers, and the general public all paying attention. It is vital to everyone’s well-being. So, let’s have a look at what the Union Budget is all about and what statements have been made concerning agriculture in India. The budget is the country’s yearly financial statement, which is delivered by the finance minister and offers us a full account of the government’s spending and revenue.

Role of agriculture in the Indian economy

Agriculture is extremely important to the Indian economy. Agriculture supports more than 69.5% of rural families. According to the Economic Survey 2020-2021, agriculture’s contribution of GDP has risen to over 20% for the first time in 17 years, making it the only bright light in GDP performance in 2020-21. According to economic analysis, the agriculture industry would rise by 3.9 per cent in 2021-22, notwithstanding the pandemic.

Union budget on the agriculture sector.

The government’s commitment to farmers’ welfare was highlighted by the finance minister. The government has announced the following under the Agriculture Growth in the country section of the whole budget for agricultural and rural development for FY22-23.

Natural farming is emphasised.

Natural farming, often known as traditional farming, is a chemical-free way of farming. It is a diversified agricultural system based on agroecology that mixes crops, trees, and animals with functional biodiversity. Natural farming is encouraged in India as part of the Bharatiya Prakritik Krishi Paddhati Programme (BPKP), a centrally funded initiative known as Paramparagat Krishi Vikas Yojana (PKVY). BPKP aims to promote traditional indigenous techniques that decrease the need for imported inputs.

It is primarily focused on on-farm biomass recycling, with a particular emphasis on biomass mulching, the use of on-farm cow dung-urine formulations, periodic soil aeration, and the avoidance of any synthetic chemical inputs. Natural farming, according to the HLPE Report, will lessen reliance on commercial inputs and assist smallholder farmers in reducing their loan burden.

Given the importance of natural farming, the finance minister has stated that “chemical-free, natural farming will be promoted throughout the country, beginning with 5-km-wide corridors along the Ganga,” 

Fig : Natural Farming

KisaanMitrr also aligns with the ideology of natural and organic farming, as we provide organic farming consulting with the goals of recycling organic waste, rotating different types of crops to ensure long-term mineral capacity, using natural pest control methods, and ensuring that your agricultural activity has the least impact on the ecological balance of your surroundings.

Use of drones in irrigations and other operations.

Irrigation monitoring yields calculations of the vegetation index to help realise the health of crops and emitted heat/energy. Drones are used to enhance water efficiency and show potential leaks in irrigation. As a result, the use of drones for agricultural purposes is encouraged and supported in this budget. “The use of Kisan Drones for crop evaluations, land records, and pesticide spraying is projected to generate a wave of technology in the agriculture and farming industry,” said the finance minister.

Fig : Use of drones for irrigation survey.

‘Farmers’ Digital and High-Tech Services’

NABARD would support a fund with blended capital raised under the co-investment concept, according to the finance minister. This is to fund agricultural and rural enterprise companies that are related to the farm product value chain. These businesses’ operations will encompass, among other things, FPO assistance, agricultural machinery on a rental basis, and technology, including IT-based support. ” KisaanMitrr has been supporting the vision of smart agricultural practices for smart farmers. We provide consultancy for smart and modern agriculture practices like hydroponic farming with a detailed business model plan, risk management and DPR.

Fig : Digital Agriculture

Other important announcements in the Union Budget

•       It has been announced that in 2022-23 the government will be around 2.37 lakh crore towards the obtaining of wheat and paddy under Minimum Support Price operations.
•       International Year of Millets
•       Railways will make new products for small and marginal farmers and MSMEs
•       A Scheme to enhance domestic oilseed production.
•       Rural enterprises will be aided by incentivising finance start-ups

Conclusion

Thus, the announcements in Union Budget clearly shows the government not only appreciates but also supports the advancement in agriculture making it the backbone of the Indian economy. We at KisaanMitrr provide consultancy service for modern agriculture practices for big as well as small and marginal farmers revolutionizing the way of agriculture in India.