Budget 2023 Highlights: Agricultural credit target to be increased to Rs 20 lakh crores: FM Sitharaman

Union Budget 2023: FM Sitharaman today (February 1) announced that the government will increase the agricultural credit target to Rs 20 lakh crores with a focus on animal husbandry, dairy, and fisheries. 

"We're launching a plan to provide free food grain to all Antyodaya and priority households for one year under the PM Garib Kalyan Ann Yojana on January 1, 2023, as part of our ongoing commitment to food security," said Finance Minister Nirmala Sitharaman.

She added that an Agriculture Accelerator Fund to encourage agritech startups by young entrepreneurs in rural regions will be launched. The fund will focus on bringing innovative solutions to challenges faced by the farmers. 

Sitharaman said continuing our commitment to food security, we have implemented from Jan. 1, 2023, a scheme to supply free food grain to all Antyodaya and priority households for one year under PM Garib Kalyan Ann Yojana.

The finance minister also told that the government will introduce a sub-scheme under PM Matsya Sampada Yojana (PMMSY) with an outlay of Rs 6,000 crore with the aim to further enable those involved in the fishery sector.

She said that top industry players will partner in undertaking inter-disciplinary research, launch cutting-edge applications & scalable problem solutions in the areas of agriculture, health & sustainable cities.

"63,000 Primary Agricultural Credit Societies will be computerized with investment of Rs. 2,516 crores", FM said. She added that “This will help farmers store their produce and realize better prices for their produce, Centre will faciliate setting up of larger number of cooperative societies, primary fishery societies & dairy coop societies in uncovered villages in next five years."