"The procurement of wheat in Rabi 2021-22 and the estimated procurement of paddy in Kharif 2021-22 will cover 1,208 lakh metric tonnes (LMT) of wheat and paddy from 163 lakh farmers. A whopping Rs 2.37 lakh crore will be credited as direct payment of minimum support price (MSP) value to their accounts," Finance Minister Nirmala Sitharaman announced in her Budget speech.

 

The provision for Pradhan Mantri Fasal Bima Yojana has been decreased to Rs 15,500.00 crore in Budget 2022-23 from Rs 15,989.39 crore in the Revised Estimate of 2021-22. The provision for Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) is Rs 68,000.00 crore, slightly up from Rs 67,500 crore in the Revised Estimate of 2021-22.

 

The year 2023 has been announced as the International Year of Millets, for which the Finance Minister said, "Support will be provided for post-harvest value addition, enhancing domestic consumption, and for branding millet products nationally and internationally."

 

Another highlight of the Budget provisions under agriculture is the use of 'Kisan Drones' that will be promoted for crop assessment, digitisation of land records, spraying of insecticides and nutrients etc.

 

Further introducing and promoting digitisation in the agri sector, a scheme in public private partnership (PPP) mode will be launched for delivery of digital and hi-tech services to farmers with the involvement of public sector research and extension institutions along with private agri-tech players and stakeholders of the agri-value chain, she said.

 

The Finance Minister also announced the creation of a fund with blended capital, raised under the co-investment model that will be facilitated through NABARD.

 

"This is to finance startups for agriculture and rural enterprise, relevant for farm produce value chain. The activities for these startups will include, inter alia, support for Farmer Producers Organisations (FPOs), machinery for farmers on rental basis at farm level, and technology including IT-based support.

 

Welcoming the development, K.C. Ravi, Chief Sustainability Officer, Syngenta India Pvt Limited, a leading agriculture company, said, "The emphasis on digital infrastructure for infusion of agriculture technologies in a PPP mode will be the need of the hour in the next 25 years to combat the serious threat of climate change. The use of Kisan Drones too is another significant announcement, which will be a game-changer for the agriculture sector."

 

"For farmers to adopt suitable varieties of fruits and vegetables, and to use appropriate production and harvesting techniques, our government will provide a comprehensive package with participation of state governments," the FM added.