Ratnagiri: Farmers planting paddy saplings in the field at Ratnagiri district in Maharashtra on Wednesday, July 12 ,2023. (IANS)
New Delhi, February 1 (IANS) Finance Minister Nirmala Sitharaman prioritised farmers' welfare and rural demand enhancement in the Interim Budget presented in the Lok Sabha on Thursday.
Referring to farmers as 'Annadata,' Sitharaman mentioned the periodic increase in Minimum Support Prices for their produce.
Underlining the commitment to the agricultural sector, she said that every year, under PM-KISAN SAMMAN Yojana, direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers, while crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana.
These measures, along with other programmes, aim to support farmers in producing food for both the nation and the global market, with free ration provisions benefiting 80 crore people.
The interim budget promises to elevate value addition in agriculture, focusing on boosting farmers' income.
Sitharaman also pledged to encourage private and public investments in post-harvest activities, including aggregation, modern storage, supply chains, processing, and branding. She envisioned inclusive growth and productivity, facilitated by farmer-centric policies, income support, risk coverage, and technology promotion through start-ups.
Highlighting successful schemes, Sitharaman mentioned the Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana, benefiting 2.4 lakh Self-Help Groups (SHGs) and 60,000 individuals.
The Pradhan Mantri Kisan Sampada Yojana, with 38 lakh farmers and 10 lakh employment generated, and the Electronic National Agriculture Market integrating 1361 mandis, were also commended for their contributions.
The Minister, addressed the rural economic landscape, stated that these initiatives, coupled with the provision of basic necessities, have increased real income in rural areas, addressing economic needs, spurring growth, and generating employment.
She also cited the Atma Nirbhar Oil Seeds Abhiyan, a strategy aimed at achieving self-reliance in oil seeds such as mustard, groundnut, sesame, soybean, and sunflower. She said that this will cover research for high-yielding varieties, modern farming techniques, market linkages, procurement, value addition, and crop insurance.
Building on the success of Nano Urea, Sitharaman announced the expanded application of Nano DAP on various crops across all agro-climatic zones, reinforcing the government's commitment to innovation and sustainable agriculture.
It's an inclusive & innovative budget: PM Modi
Prime Minister Narendra Modi hailed the budget presented in Parliament on Thursday, saying that it is not merely an interim budget but an inclusive and innovative budget.
"This budget carries the confidence of continuity. It will empower all pillars of developed India -- the youth, the poor, women, and farmers," PM Modi said.
Commending Finance Minister Nirmala Sitharaman for her vision, Prime Minister Modi said that Nirmala's budget is a budget for building the future of the country.
"This budget carries the guarantee of strengthening the foundation of Viksit Bharat by 2047," Modi said.
He said that this budget is a reflection of the aspirations of Young India.
He highlighted two decisions taken in the budget, saying that a fund of Rs 1 lakh crore has been announced for research and innovation.
He also highlighted the extension of tax exemptions for startups in the budget.
While keeping the fiscal deficit under control, the Prime Minister informed that the total expenditure has seen a historic increase to Rs 11,11,111 crores in this budget.
“In economists’ parlance, this is a kind of sweet spot,” Modi said.
He said that the announcement to manufacture 40,000 modern bogies of Vande Bharat Standard and install them in general passenger trains will further heighten the comfort and travel experience of crores of passengers on different rail routes of the country.
"We set a big goal, achieve it, and then set an even bigger goal for ourselves," he said.
Highlighting the government's efforts for the welfare of the poor and middle class, he informed about the construction of over 4 crore houses in villages and cities and increasing the target to build 2 crore more houses.
Emphasising the empowerment of women, PM Modi said, "Our goal was to make 2 crore 'Lakhpatis' among women. Now, this goal has been increased to make 3 crore Lakhpatis."
He also praised the Ayushman Bharat Yojana for its significant assistance to the poor, extending its benefits to Anganwadi and ASHA workers.
He emphasised on the government’s emphasis to empower the poor and middle class by creating new opportunities for them in this budget.
He also mentioned the Roof Top Solar Campaign where 1 crore families will avail free electricity, while also earn an income of Rs 15,000 to Rs 18,000 per year by selling excess electricity to the government.
Industry hails govt push for 'green growth', sustainable mobility
The industry on Thursday hailed the government's push towards ‘green growth' with a new scheme of bio-manufacturing and bio-foundry that will foster sustainable mobility.
Government said that such steps will provide environment-friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs.
“This scheme will also help in transforming today’s consumptive manufacturing paradigm to the one based on regenerative principles,” Finance Minister Nirmala Sitharaman said while presenting the Interim Budget.
The industry players have hailed the government’s move towards green growth and sustainability.
“The emphasis on green energy, announcement of rooftop solarisation and the fostering of the EV ecosystem underline the government’s priority on sustainability,” said Neeraj Bansal, Co-Head & COO, India Global, KPMG in India.
Mayank Bindal, Founder and CEO, Snap E Cabs (EV Cabs), said the announcement of a new scheme for bio-manufacturing “underscores the government's dedication to promoting green growth and environmental stewardship”.
Finance Minister also said that greater adoption of e-buses for public transport networks will be encouraged through payment security mechanisms.
“The government’s continued focus on the EV ecosystem is indeed a pragmatic step forward and will continue to help India succeed in achieving its long-term decarbonisation objectives. This is an exciting time for the country's green industrial and economic transition,” said Manoj Nair, Head of India GDC, Fujitsu India.
In order to achieve the target of net zero carbon emissions by 2070, there has been an emphasis on a green economy with focus on expansion of solar energy, bio fuels and charging infrastructure which will raise the need for green skills, added Sumit Kumar, Chief Strategy Officer, TeamLease Degree Apprenticeship.
