Agriculture budget is big on strategic vision

The chief economic adviser termed agriculture "the sector of the future" at the release of the Economic Survey 2024-25.

- Shweta Saini

So, the expectations were high that the FY26 Budget would underline a strategic vision for the sector. Finance minister Nirmala Sitharaman's budget speech and the budget document don't disappoint on this count.

Just to recall, the budget for the department of agriculture and farmers' welfare under the Union agriculture ministry for FY26 stands at ₹1.27 lakh crore. Half of this has been allocated to the PM Kisan scheme, which offers direct unconditional cash transfers to landowning farmers. A third of the remainder goes to the interest subvention scheme for concessional short-term credit to farmers. The next major allocation is for the PM Fasal Bima Yojana (crop insurance scheme).

And then, indicative of the direction along which the government plans to nudge Indian agriculture, a slew of new initiatives have been declared: Cotton Technology Mission (₹500 crore), Mission for Pulses (₹1,000 crore), National Mission for Hybrid Seeds (₹100 crore), Mission for Fruits and Vegetables (₹500 crore), and support for Bihar's Makhana Board (₹100 crore).