Union Budget 2020: Benefits to India’s Agriculture Sector

The agricultural sector which acts as a backbone of India's economy got a major boost from the Union Budget 2020, as the Finance Minister has chalked out a list of 16 point action to set up the agriculture sector set up for improving the lives of millions of farmer's. The government has decided to allocate Rs 2.83 lakh crore for the agricultural sector.

The action plan for the agricultural sector includes:

• Comprehensive Water Plan for arid districts
• Government to encourage for a balanced use of all kinds of fertilizers to change the current usage of excessive chemical fertilizers
• States need to consider 3 model agricultural laws
• Boosting agricultural warehousing (like cold storage at the national level) to improve the storage capacity especially for perishable food.
• 20 lakh farmers to be helped to set up standalone solar pumps
• One Product, one district scheme for the horticultural sector, which has already exceeded the production of food grains.
• Introducing Krishi Udaan on both national and international routes
• Financing on negotiating warehousing receipts which will be integrated with e-NAM
• The NABARD refinance scheme will be further extended to Rs 15 lakh crore allocation for Kissan Credit Card Scheme
• Boosting the marine fishery to help the youth who live in coastal areas
• Measures to eliminate foot and mouth disease of livestock.

The Ministry of Agriculture and Farmer's welfare has secured a budget allocation of Rs 142,762 crores.

The government's move to double the farm income by 2022, is likely to cheer up the farm sector which has always faced the wreath of nature with either floods or drought situation.

Apart from this, the FM announced that the government proposes plans to help farmers to use proper manure with little water. The government will also incentivise farmers to adopt solar power technology.

So far, the government has insured 6.11 crore farmer's under its Pradhan Mantri Fasal Bima Yojna. She also noted to build up the seamless cold supply chain at the national level for perishables.

The Union Budget for 2020, the government has plans to boost for warehousing and horticultural produce. The Kisan Rail will be set up by Indian Railways through Public-Private Partnership. MNREGA to be used to develop fodder farms.

The budget also brings up a framework for development, conservation and management of the marine fishery.