Budget 2023: Finance Minister announces Agriculture Accelerator Fund

NEW DELHI: The second day of Budget Session 2023 began on Wednesday with the Union Finance Minister Nirmala Sitharaman presenting her fifth Union Budget which she described as "the first budget in Amrit Kaal." We envision a prosperous and inclusive India, Sitharaman said in her opening remarks.

In her budget speech, Sitharman announced that an Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs.

The government proposes to increase the agricultural credit target to Rs 20 lakh crore with a focus on animal husbandry, dairy and fisheries, Sitharaman told Parliament.

The agriculture sector of the country has been growing at an average annual growth rate of 4.6 per cent in the last six years. "Will launch a sub-scheme of the existing PM Matsya Sampada Yojana scheme to improve value chain efficiencies," she said.

Sitharaman started her Budget speech at 11 am, the last full Budget of the Modi government in its second term. Like the previous two Union Budgets, Union Budget 2023-24 is also presented in paperless form.

This year's Budget holds much significance as the country is scheduled to have the next Lok Sabha election in April-May 2024.

As per established tradition, Finance Minister Nirmala Sitharaman along with ministers of state Pankaj Chaudhary and Bhagwat Karad and Finance Secretary T V Somanathan called on President Droupadi Murmu. The budget session of the Parliament began on Tuesday with President's address, subsequently tabling the Ecomomic Survey for 2022-23.

The formal exercise to prepare the annual Budget for the next financial year (2023-24) commenced on October 10.

The Economic Survey, tabled in the Parliament on Tuesday, noted India's GDP is expected to grow in the range of 6 to 6.8 per cent in the coming financial year 2023-24. This is in comparison to the estimated 7 per cent this fiscal and 8.7 per cent in 2021-22.