Agriculture sector will have special expectations from the Union Budget

24-Jan-2025 11:59 AM

The agriculture sector has a lot of pressing needs and expectations from the upcoming Union Budget for the financial year 2025-26.

As the backbone of India’s economy, the agriculture sector plays a critical role, but it still faces significant challenges despite large budget allocations in previous years.

The economic situation of farmers remains fragile, impacting the overall rural economy. This also hinders efforts to modernize agriculture and improve productivity.

Key concerns include weak productivity, particularly in the production of pulses and oilseeds. India’s reliance on imports for these commodities is a growing financial burden.

Additionally, the dependence on rain-fed farming in areas lacking sufficient irrigation infrastructure further limits crop yields.

While schemes like the Pradhan Mantri Fasal Bima Yojana aim to mitigate these issues, delays in compensation and inadequate coverage are preventing these initiatives from achieving their full potential.

To address these concerns, it is hoped that the upcoming budget will provide targeted support. Key measures might include boosting irrigation infrastructure, improving the financial health of farmers, and incentivizing private sector involvement in crop procurement at fair prices.

Moreover, the allocation of funds for agricultural research and development could help improve crop varieties and farming techniques, leading to better yields and reduced dependence on imports.

Do you think the government is likely to introduce new reforms to tackle these ongoing issues, or is it more likely we’ll see increased funding for existing programs?