India’s Agri Credit Target has been elevated to ₹ 16.5 lakh crore in the budget 2021 presented today by Union finance minster Nirmala Sitharaman.
1.54 crore farmers in Financial Year 2021 vs 1.24 crore Year-Over-Year (YoY) benefitted greatly from Minimum Support Price (MSP) in crops like paddy and wheat, these were stated.
The amount of money paid to farmers for FY 2021 wheat was ₹ 75,060 crore vs ₹ 62,802 crore in FY 2020, and for FY 2021 paddy seen in FY 2020 at ₹ 1.72 crore vs Rs 1.41 lakh crore, the FM announced.
The amount of money paid to pulses growing farmers seen in FY 2021 is ₹ 10,530 crore vs ₹ 8,285 crore in FY 2020.
This time around, Finance Minister Nirmala Sitharaman took steps to ensure that her budget prioritizes farmers, unlike in the past, when agricultural sector often received no more than the lip service.
The statements also came in the midst of ongoing protests by farmers to agitation against government’s latest agriculture laws. Numerous rounds of talks without a settlement have concluded.
Throughout the Covid-19 pandemic period, when the speed of the manufacturing and services industry fell to a complete standstill, as the nation had seen the power of the agricultural sector, agricultural and allied sectors managed to pick up pace.
As per the Economic Survey 2020-21, while the sectors of manufacturing and services are expected to decline by 9.6% and 8.8% respectively in the current financial year, the growth rate of India’s agriculture and allied segment will continue around 3.4% respectively. During FY 2020-21, the agriculture and related sectors registered a growth rate of 3.4% at constant prices.