Sitharaman allocates Rs 1.52 lakh crore for agriculture, allied sectors in Union Budget

Finance Minister Nirmala Sitharaman allocated Rs 1.52 lakh crore to the agriculture and allied sectors while presenting the Union Budget for the fiscal year 2024-25 in Lok Sabha on Tuesday.

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Finance Minister Sitharaman emphasised the importance of research and development in the agriculture sector.

She announced that substantial funding would be provided for R&D initiatives, particularly focusing on the production, storage, and marketing of pulses and oilseeds.

“We will strengthen their production, storage, and marketing,” she stated.

This initiative aims to achieve “atmanirbharta” (self-reliance) in oilseeds such as mustard, groundnut, sesame, soybean, and sunflower.

“As announced in the interim budget, a strategy is put in place to achieve “Atmanirbharta” for oil seeds such as mustard, groundnut, sesame, soybean and sunflower,” she said.

To enhance the supply chain of vegetables, the budget proposes the development of large-scale clusters for vegetable production near major consumption centres.