Big boost for farmers in Budget 2022-23; Rs 2.37 lakh crore MSP direct payments announced

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File photo of Indian Finance Minister Nirmala Sitharaman with senior ministry officials before unveiling the annual budget in parliament. Photo/PIB

In a major boost to farmers, finance minister Nirmala in her budget speech announced Rs 2.37 lakh crore worth of MSP direct payments to wheat and paddy farmers in the Budget for FY22-23. “Procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will give cover 1208 lakh metric tonnes of wheat & paddy from 163 lakh farmers and  Rs 2.37 lakh crores will be the direct payment of MSP value to their accounts,” said FM Sitharaman

Sharing further details on the International Day for Millets, the FM said “Support will be provided for post-harvest value addition, enhancing national consumption and branding millet products nationally & internationally.”

Chemical-free natural farming will be promoted in the country with a special focus on the 5 Km corridor along the river Ganga in the first phase, the FM said while delivering the fourth Budget for FY 2022-23. The finance minister also announced the laying of optical fibre line in villages under BharatNet project under PPP in 2022-23.

The announcements are likely to create a ripple effect for the rural economy in the coming months. Digitisation of rural India and making high-speed internet available to every villager will result in higher incomes and a better quality of living.

The finance minister also announced a comprehensive scheme to reduce the reliance on oilseed imports. This is aimed towards changing the crop sowing pattern of the Indian farmer. In addition, it will save precious foreign exchange and ensure higher price realization for the Indian farmer.

These measures will give a fillip to increasing the yield of the small and marginal farmers. Promoting chemical-free natural farming in India will also make the country’s agricultural produce export-ready, particularly for premium markets like Europe, the USA, and Japan. Furthermore including 100 per cent of India’s 1.5 lakh post offices to the core banking system will not only speed up financial inclusion but ensure farmers in rural areas can link their bank and post office accounts. It will help in easy availability of finance for the small rural customers.

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