Finance Minister Nirmala Sitharaman has laid down the much-awaited Budget 2023. During her speech, the minister announced a few major reforms for the development of key sectors in India. Out of them, the Agriculture sector remained in focus.
The agriculture sector in India still remains a primary source of livelihood for about 58% of the country’s population. The country holds the record for the second-largest agricultural land in the world generating employment for about half of the country’s population.
To further boost the sector, here are some reforms pushed by the government in Budget 2023:
● A proposal to increase the agriculture credit target to Rs 20 lakh crore, with an emphasis on industries such as animal husbandry, dairy, and fishery.
● A sub-scheme of PM Matsya Sampada Yojana is to be launched with a targeted investment of Rs 6,000 crore.
● A national cooperative database is being prepared, as well as plans to set up a massive de-centralized storage capacity.
● Agriculture Accelerator Fund to be launched which will help entrepreneurs in rural areas launch their businesses and find practical, cutting-edge solutions to the problems facing farmers.
● PM-PRANAM (Promotion of Alternate Nutrients for Agriculture Management) Yojana – an initiative to incentivize states for promoting alternative fertilizers was also mentioned by the finance minister.
On optimism about the positive reforms, the shares of Kohinoor Foods Ltd were trading 10 percent higher at Rs 75 levels. Other stocks such as Mangalam Seeds Ltd (Upper circuit of 5% at Rs 280 levels), Bombay Super Hybrid Seeds Ltd (Upper circuit of 5% at Rs 575 levels), and Upsurge Seeds of Agriculture Ltd (Upper circuit of 5% at Rs 787 levels).
Written by Anoushka Roy
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