UP Budget 2024 Highlights: Top 5 Announcements to Benefit Farmers this Year
The Uttar Pradesh government presented the budget for the fiscal year 2024-25, aiming to uplift the welfare of various sectors, including youth, farmers, women, and the underprivileged. The government places a key emphasis on achieving a 5.1% growth rate in the state's agriculture sector.
On Monday, the Uttar Pradesh government unveiled its budget for the fiscal year 2024-25 in the Legislature. In a bid to encourage the welfare of the youth, farmers, women, and the underprivileged, the government has strategically allocated resources. Additionally, a key focus is set on boosting a 5.1% growth rate in the state's agriculture sector.
Top 5 Key Takeaways for Farmers
1. Enhanced Electricity Subsidy for Private Tube Wells:
A substantial provision of Rs 2400 crore is proposed to provide electricity at concessional rates to private tube wells of farmers. Recognizing the critical role of irrigation in agriculture, the increased budget allocation aims to alleviate the financial burden on farmers, ensuring reliable and affordable power supply for their tube wells. This marks a significant 25 percent increase compared to the current financial year.
2. Budget for PM Kusum Yojana Implementation:
An allocation of Rs 449 crore 45 lakh is proposed for the implementation of PM Kusum Yojana, more than double the amount allocated in the current financial year. Under PM Kusum component C-1, Rs 100 crore is proposed for the solarization of private on-grid pumps, double the amount allocated in the current year.
PM Kusum Yojana focuses on solarizing agricultural pumps, reducing dependence on conventional energy sources, and contributing to sustainable farming practices, aligning with broader environmental goals.
3. Launch of Three New Agricultural Promotion Schemes:
- State Agricultural Development Scheme
- World Bank-assisted UP Agris Scheme
- Automatic Weather Station-Automatic Rain Gauge
Rs 200 crore, Rs 200 crore, and Rs 60 crore respectively are proposed for these schemes.
The introduction of these schemes highlights the government's proactive approach to agricultural development. State Agricultural Development Scheme and UP Agris Scheme aim to enhance farming practices. In contrast, the Automatic Weather Station-Rain Gauge initiative aims to leverage technology for precise and informed decision-making in agriculture.
4. Chief Minister Farm Security Scheme (Khet Suraksha Yojna)
This novel initiative addresses the multifaceted challenges faced by farmers, encompassing issues like credit accessibility, market unpredictability, and inadequate insurance coverage. A budget provision of Rs 50 crore is proposed.
5. One Lakh Farmer to get Benefits:
In the budget, the state government has removed the ban on private tube wells in the dark zone. About one lakh farmers of the state will benefit from this announcement of the government.
- In the budget, Saharanpur's Nanauta Sugar Mill sees efficiency gains, while Gajraula's mill boosts capacity to 2500 TCD. Exciting plans include a distillery, biogas plant, and improved sugarcane pricing for 2023-24.
- The budget introduces benefits like seasonal tariffs and temporary electricity connections for irrigating a single Rabi crop in the Bundelkhand region.
- A budget of Rs 25 crore is set for the Uttar Pradesh Milk Incentive Policy-2022, encouraging incentives for establishing milk industry units in the state.
- A substantial Rs 78 crore 55 lakh is proposed for the Livestock Insurance Scheme, a nearly threefold increase from the current financial year.
- A proposal of Rs 106 crore 95 lakh is made to fortify and revive milk unions, emphasizing the significance of dairy farming in the state.
- The budget proposes Rs 310 crore for the Pradhan Mantri Matsya Sampada Yojana, emphasizing the government's commitment to the fisheries sector's growth.
- The budget allocates Rs 74 crore 21 lakh for the Nand Baba Milk Mission Scheme, reflecting a 21 percent increase compared to the current financial year.
The Uttar Pradesh government's fiscal year 2024-25 budget demonstrates a comprehensive and strategic approach to addressing the diverse needs of its citizens. Prioritizing the welfare of youth, farmers, women, and the underprivileged, the government has allocated resources judiciously. Notable initiatives include increased subsidies for private tube wells, significant allocations for agricultural schemes like PM Kusum Yojana, and the introducing of new agricultural promotion schemes.
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