In a step to aid agro business, Finance minister Nirmala Sitharaman in the budget 2023 announced Agriculture Accelerator Fund. By adopting cutting-edge technologies and increasing output, this budget will try to implement cost-effective solutions to problems faced by farmers.
The Finance Minister said that the government had set up small and marginal farmers cooperative based economy development models and were able to digitalise around 63 primary agricultural credit societies.
The big benefits for farmers from Budget 2023
Government plans to set massive decentralized storage capacity that will help farmers to store their produce and release remurate prices.
Government will also help set up cooperative societies, primary fisheries societies, and dairy cooperatives in uncovered panchayat villages in the next 5 years.
The Agriculture Accelerator Fund, which will be established to support agribusiness startups by young entrepreneurs in rural areas, will provide creative and cheap solutions for farmers' problems as well as boost profitability and introduce modern technology.
One crore farmers would receive help over the next three years to switch to natural farming. 10,000 bio input resource centres will be set up.
The government wants to raise agricultural credit to Rs 20 lakh crore, putting an emphasis on dairy, fisheries, and animal husbandry. Over the past six years, the country's agriculture industry has expanded at an average annual growth rate of 4.6%. She stated, "Will introduce a sub-scheme of the current PM Matsya Sampada Yojana programme to enhance value chain efficiencies."
For one year, all Antyodaya and priority households would receive free food grains as part of the PM Garib Kalyan Anna Yojana, which will cost the central government approximately Rs. 2 lakh crore.