A continuation of last year's Budget, the government seems to have taken care of the welfare of the farming community once again. The initiatives taken can be considered as progressive and forward-looking Budget, as it prepares the nation for the next stage of its sustained growth.
There was a clear message from the 2021-22 budget that the government is keen to maintain the growth of the agricultural sector, in addition to doubling farmers’ income by 2022-23 and becoming a USD 5 trillion economy by 2024-25. The government has not raised import duties on the intermediary products and raw materials to support manufacturing, and help downstream industry, which is also a welcome move.
There is a significant increment in the capital expenditure and is the key highlight of this budget. The proposals and announcements of the budget pitches for the country to go digital as well as go green. This Budget focuses on the key areas of growth and in this regard, the FM had stated that the 2022-23 budget will lay the foundation for India's economic growth and expansion for the next 25 years. The key highlights are as follows:
|
Budget Announcement |
Impact |
|
Direct payment of MSP to farmers will be Rs 2.37 Lakh crores |
Increase in income of the farmers engaged in growing of wheat and paddy. |
|
Allocation for financing agriculture & rural start-ups |
Positive for the Agri sector on the whole |
|
Drive towards boosting production of Oilseeds and Pulses |
Lower import burden on the balance sheet n improve domestic growers' income |
|
Better Use of Agricultural technology & Emphasis on Procurement |
Increase the standard of living of farmers and boost productivity of the staple crops for maintaining sufficient buffer and enhance the exports potential, considering a higher food surplus. |
