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The Modi government will present the annual budget next month

Union Budget 2024 | Farm bodies seek higher agri R&D spending, subsidy reforms

The Modi government will present the annual budget next month

In a pre-budget consultation with Finance Minister Nirmala Sitharaman, farm organisations and experts on Friday pitched for higher investment in agricultural research, rationalisation of fertiliser subsidies and infrastructure development to boost the sector's resilience against climate change.
The two-and-a-half-hour meeting saw stakeholders advocating for a significant hike in the budget allocation for the Indian Council of Agricultural Research (ICAR) from Rs 9,500 crore to Rs 20,000 crore. Also read/watch - <a title="Full Budget 2024: Centre may increase capital expenditure and welfare spending" href="https://www.editorji.com/business-news/budget/full-budget-2024-centre-may-increase-capital-expenditure-and-welfare-spending-1718970366285">Full Budget 2024: Centre may increase capital expenditure and welfare spending</a>
Indian Chamber of Food and Agriculture (ICFA) Chairman MJ Khan emphasised the need for "massive investment in agriculture R&amp;D" to drive sector growth and increase farmers' income.
Experts also called for consolidating all agriculture-related subsidies for transfer through Direct Benefit Transfer (DBT) and increasing the retail price of urea, which has remained unchanged since 2018. The promotion of bio-fertilisers and foliar fertilisers through subsidies was another key demand.
Bharat Krishak Samaj Chairman Ajay Vir Jakhar suggested segregating agriculture funds between education and research.
He pointed out that despite the economic returns on agricultural research being ten times higher than other investments, budget increases in the past two decades have lagged behind inflation rates.
Other notable suggestions included disbanding the MSP committee, and commissioning a new agricultural policy for India and changing the funding ratio for human resource development in centrally sponsored schemes from 60:40 to 90:10, with the central government bearing 90 per cent of the cost for five years.
Experts also suggested increasing the budget allocation for APEDA from Rs 80 crore to Rs 800 crore to boost farm exports, creating district export hubs and launching a National Goat and Sheep Mission.

The report comes after as Sitharaman began her tenure as Finance Minister on Wednesday for her second consecutive term, marking her as the first woman to serve as a minister for three consecutive terms under the Modi government

Union Budget 2024-25 likely to be presented in third week of July

The report comes after as Sitharaman began her tenure as Finance Minister on Wednesday for her second consecutive term, marking her as the first woman to serve as a minister for three consecutive terms under the Modi government

Finance Minister Nirmala Sitharaman is expected to present the Union Budget 2024-25 during the third week of July, coinciding with the start of the budget session, according to NDTV sources.
The report further adds that the National Democratic Alliance, led by Prime Minister Narendra Modi, will hold a separate session for the Union Budget in parliament after the initial session, scheduled from June 24 to July 3. The report comes after as Sitharaman began her tenure as Finance Minister on Wednesday for her second consecutive term, marking her as the first woman to serve as a minister for three consecutive terms under the Modi government. Also read/watch - <a title="Nirmala Sitharaman takes charge as Finance Minister for second consecutive term" href="https://www.editorji.com/business-news/nirmala-sitharaman-takes-charge-as-finance-minister-for-second-consecutive-term-1718176711262">Nirmala Sitharaman takes charge as Finance Minister for second consecutive term</a> Nirmala Sitharaman takes charge 
Nirmala Sitharaman assumed office as the Finance and Corporate Affairs Minister for a second consecutive term on Wednesday. She is set to present the final Budget for FY '25, which will outline the Modi 3.0 government's priorities for a "Viksit Bharat."
Upon arrival at the North Block office, Sitharaman was welcomed by Finance Secretary T V Somanathan and other top officials. Minister of State for Finance Pankaj Chaudhary, who took charge the previous evening, was also present.&nbsp;

union budget

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