- In the union budget presented by
Nirmala Sitharaman , the finance minister allocated ₹1.3 trillion to the agriculture sector. - India’s agriculture sector, which employs nearly half of the workforce, accounts for nearly 16% of the GDP.
- Nearly 833 million Indians rely on agricultural practices to sustain themselves.
- India has seen nearly 300,000 farmer suicide since 1995, BBC reported.
During her budget speech, Sitharaman stressed on replicating ‘zero budget farming’ to go back to basics, which will help in doubling up farmers income in the coming years. “Ease of doing business and living should apply to farmers too,” she added.
The traditional practice of zero budget farming, which is already being implemented in several states in India, refers to no credit or expenses, and spending on external products for better fertility, $4 UN Food & Agriculture Organisation.
The government will introduce 10,000 new farmer producer organisations, that will help build economies of scale for farmers.
$4 multifold over the last five years. In 2018-19, the National Democratic Alliance (NDA) government’s total agricultural spending stood at ₹ 576 billion, which was later increased by 144% at the time of interim budget, allocating ₹1.4 trillion to the sector.
The interim Budget has allocated ₹18,000 crore for the interest subsidy and Rs 3,000 crore for the Market Intervention Scheme and Price Support Scheme (MIS-PSS).
India’s agriculture sector employs nearly half of the workforce, and accounts for nearly 16% of the GDP. Agrarian sector sustains nearly 833 million Indians, especially the rural population, according to IndiaSpend.
Owing to the impact of monsoons, remuneration of crops and fertilizers and the ongoing agricultural crisis in the country, the government also lured farmers, promising to double farmers income by 2022 earlier.