Agriculture gets credit boost, fund for startups in Union Budget 2023-24

By Dan Neff On Feb 2, 2023

The budget is expected to provide a boost across the agriculture value chain, with announcements ranging from increased credit for the sector, investment in fisheries and focus on high-value horticulture crops to setting up of a dedicated fund for agri startups and building of digital public infrastructure.

The finance minister has proposed to increase the agriculture credit for the next fiscal year to ₹20 lakh crore, with focus on animal husbandry, dairy and fisheries, from ₹18 lakh crore for FY23. The budget has also laid emphasis on the fisheries sector, with a new sub-scheme called the PM Matsya Sampada Yojana with a targeted investment of ₹6,000 crore. The programme seeks to further enable activities of fishermen, fish vendors and micro & small enterprises in the sector, as well as improve value-chain efficiencies and expand the market.

The proposed Agriculture Accelerator Fund will aim to encourage agritech startups to find innovative solutions to the challenges faced by farmers, as well as nurture entrepreneurial spirit among rural Indians. Production of high-value horticultural crop will get a fillip as the government has allocated ₹2,200 crore under the Aatmanirbhar Horticulture Plant programme.

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