Budget 2022: Farmers to get MSP valuation, Kisan Drones and Funding for agriculture startups

Publish Date: 01 Feb, 2022 |

In today's budget announcement made by Finance Minister Nirmala Sitharaman, many sectors like education, health care, GST and Corporate were covered. One of the most important among them was the Farmer and agriculture sector. Many reforms has been made in 2022 Budget for this sectors. Let's take a look at it.

Record Purchase in MSP

Procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will cover 1,208 lakh metric tonnes of wheat and paddy from 163 lakh farmers & Rs 2.37 lakh crores will be the direct payment of MSP value to their accounts. This announcement has been made after two months of the farmers’ protest demanding guaranteed MSP for farm produce. The protest was dominated by farmers from poll-bound Uttar Pradesh and Punjab.

Funding Agriculture Startups

A fund with blended capital raised under co-investment model facilitated through NABARD to finance start-ups in agriculture and rural enterprises for farm produce value chain will be set up. States will be encouraged to revise syllabus of agricultural universities to meet needs of natural, zero-budget and organic farming, modern-day agriculture

Kisan Drones for Crop assessment

Use of drones to be promoted for crop assessment, digitization of land records, spraying of insecticides and nutrients. Fund to be facilitated through NABARD to finance start-ups for agriculture and rural enterprise which are relevant for the farm produce value chain.

Other Announcements Made in Budget 2022 for Agriculture

  1. Year 2023 - Mota Anaj Varsh
  2. Chemical free natural farming will be promoted. In the first phase, a 5 km corridor will be selected for the farmers living on the banks of the Ganges.
  3. SC-ST farmers will be given help for agroforestry.
  4. Along with MSMEs, Railways will develop new products for small farmers.
  5. Domestic production will be encouraged to reduce the import of oilseeds.
  6. Loans will be provided easily to agricultural startups and rural companies.
  7. The PPP model will be used to bring digital and hi-tech technology to the farmers.
  8. To use the right variety of fruits and flowers, the government will give a comprehensive package with the help of the states.

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