Image Source : PTI Union Finance Minister Nirmala Sitharaman.
Budget 2024: Building upon the initiatives introduced in 2022, Union Finance Minister Nirmala Sitharaman has unveiled a comprehensive strategy aimed at achieving self-reliance (atmanirbharta) in the production of oilseeds. In her Budget speech in Parliament, she said the strategy encompasses a multifaceted approach, covering crucial aspects such as research for high-yielding varieties, the widespread adoption of modern farming techniques, establishing robust market linkages, facilitating efficient procurement mechanisms, promoting value addition processes, and enhancing crop insurance coverage. This holistic strategy aims to empower farmers engaged in the cultivation of oilseeds like mustard, groundnut, sesame, soybean, and sunflower, she added.
Emphasis on the fisheries sector
Highlighting the government’s commitment to the fisheries sector, Sitharaman emphasised the establishment of a dedicated Department for Fisheries, recognizing the significance of supporting fishermen in the country. This forward-looking move has yielded significant results, with both inland and aquaculture production witnessing a remarkable doubling. Additionally, seafood exports have experienced a substantial increase, doubling since the fiscal year 2013-14.
Sitharaman said the government’s emphasis on the fisheries sector underscores its commitment to the welfare and prosperity of fishermen. The creation of a separate department reflects a strategic understanding of the unique challenges and opportunities in this sector, leading to tangible improvements in production and export figures. As the nation progresses, these initiatives contribute not only to economic growth but also to the sustainable development of the fisheries and oilseed sectors, aligning with the broader vision of ‘atmanirbharta’ in crucial areas of agricultural and economic self-sufficiency, she added.
Implementation of Pradhan Mantri Matsya Sampada Yojana (PMMSY) will be stepped up to:
Enhance aquaculture productivity from existing 3 to 5 tons per hectare.
Double exports to 1 lakh crore.
Generate 55 lakh employment opportunities in the near future.
Five integrated aquaparks will be set up.
What is interim Budget?
An interim budget serves as a provisional financial statement issued by the government, typically presented in an election year. Differing from a complete annual budget, the interim budget is designed to address a shorter timeframe, bridging the gap until a new government is established post-elections.
This budget provides a snapshot of the government’s revenue and spending for a portion of the fiscal year, enabling it to manage its financial obligations until the new administration introduces a comprehensive budget.
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