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Budget 2022-23 Latest Updates: Finance Minister Announces Rs 2.37 Lakh crore Direct Payment of MSP for Farmers

Finance Minister Nirmala Sithraman announced the union budget today. Find the latest updates below.

Sugandh Bhatnagar
Finance Minister Nirmala Sithraman announced the union budget today
Finance Minister Nirmala Sithraman announced the union budget today

Budget 2022-23 Latest Updates: Finance Minister Nirmala Sithraman announced the union budget today. This year was Sitharaman’s fourth budget after 2019, 2020, and 2021. The middle-class & farmers were eagerly waiting for this budget and had high expectations. 

This Budget continues to provide impetus for growth. It lays parallel track of - a blueprint for Amrit Kaal which is futuristic and inclusive. This will directly benefit our youth, women, farmers, schedule castes and schedule tribes. Find the latest announcements below:

Rs 2.37 Lakh Crore Worth Of MSP Payment

Finance minister announced Rs 2.37 lakh crore will be direct payment of minimum support price value to wheat and paddy farmers. Rationalized and comprehensive scheme to be implanted to reduce reliance on oil seed imports.

Wheat Procurement:

"Procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will give cover 1208 lakh metric tonnes of wheat & paddy from 163 lakh farmers& Rs 2.37 lakh crores will be the direct payment of MSP value to their accounts" said FM Sitharaman

Tax Duty To be reduced on certain inputs required for Shrimp Aquaculture

Finance Minister announced that the custom duty will be reduced on certain inputs required for Shrimp Aquaculture to promote its exports.

Special Funding for AgriTech Startups by NABARD:

A fund with blended capital raised under co-investment model will be facilitated through the NABARD to finance agritech startups and rural enterprises relevant to farming. Startups supporting food producer organisations, farm rental services and other technology such as IT-based support will be eligible for funding under this scheme.

Ken-Betwa river linking project:

Sitharaman announced Ken-Betwa river linking project. She said the project would be undertaken at a cost of Rs 44,000 crore. She said this project would benefit 900,000 farmers. She said the draft DPR (detailed project report) for five river links have been finalised.

Technological Advancements in Agriculture:

Use of Kisan drones will be promoted for crop assessment, digitalization of land records & spraying pesticides

Focus Agriculture Education:

States will be encouraged to revise the syllabus of agriculture universities to meet the needs of natural zero budget farming, modern-day agriculture, value addition & management. The government will give a comprehensive package to the farmers to use the right variety of fruits and vegetables, in which the states will also participate.

Special Focus on Millets production:

2022-23 has been named as the international day for millets. Support will be provided for post harvest value addition, enhancing national consumption and branding millet products nationally & internationally

Chemical-free Natural Farming to be promoted

Chemical-free natural farming will be promoted in the country with a special focus on 5 Km corridor along the river Ganga in the first phase.

The government also Plans to expand the Agriculture Ministry.

The details are awaited.

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