Budget 2024 Expectations: Agri-credit to fertilizer subsidy—here's what agriculture sector expects this year
Also Read: A ₹2 trillion cheque is getting ready for the agriculture ministry This budget typically outlines estimates for revenue, expenditure, financial performance, fiscal deficit, and projections. Industry expects believe that anticipations are high that the government will increase welfare spending and potentially aim to decrease the fiscal deficit to 4.5 per cent of the gross domestic product (GDP) by FY26.
‘’The current budgeting exercise is also confronted by economic headwinds such as the deceleration in the global economy, pressures in the agriculture sector, and strains on the rural economy,'' said analytics firm CareEdge. Coming to sector-specific changes, industry experts say that the agriculture sector has grappled with immediate challenges such as adverse weather conditions, the impact of climate change, and inflationary pressures.
In the Union Budget for 2023-24, the finance minister allocated ₹1.25 lakh crore to Ministry of Agriculture and Farmers' Welfare, including Agricultural Education and Research. The allocation was increased manifold from ₹27,662.67 crore in 2013-14.
Experts broadly anticipate tax relief measures and announcements to support agriculture and the rural sector while maintaining a focus on the capex push. In this regard, here's what leading industry leaders expect from the upcoming Interim Budget 2024 in order to strengthen India's agriculture sector: The government is likely to announce a substantial increase in the agricultural credit target to ₹22-25 lakh crore for the next fiscal and ensure every eligible farmer has access to institutional credit.
The government's agri-credit target is ₹20 lakh crore for the ongoing fiscal. Also Read: Budget 2024 Expectations: From capex target to
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