Union Budget for the financial year 2025-26 was presented in the parliament earlier today. The budget continues the government's efforts to accelerate growth, secure inclusive development, invigorate private sector investments, uplift household sentiments, and enhance the spending power of India's rising middle class. Below are the edited excerpts from the budget speech made by Nirmala Sitharaman, Hon'ble Finance Minister of India.
Agriculture as the first engine for development
- Motivated by the success of the Aspirational Districts Programme, the government will undertake a 'Prime Minister Dhan-Dhaanya Krishi Yojana' in partnership with states. Through the convergence of existing schemes and specialized measures, the programme will cover 100 districts with low productivity, moderate crop intensity and below-average credit parameters. It aims to (1) enhance agricultural productivity, (2) adopt crop diversification and sustainable agriculture practices, (3) augment post-harvest storage at the panchayat and block level, (4) improve irrigation facilities, and (5) facilitate the availability of long-term and short-term credit. This programme is likely to help 1.7 crore farmers.
- A comprehensive multi-sectoral 'Rural Prosperity and Resilience' programme will be launched in partnership with states. This will address under-employment in agriculture through skilling, investment, technology, and invigorating the rural economy. The goal is to generate ample opportunities in rural areas so that migration is an option, but not a necessity. The programme will focus on rural women, young farmers, rural youth, marginal and small farmers, and landless families.
- Global and domestic best practices will be incorporated and appropriate technical and financial assistance will be sought from multilateral development banks. In Phase-1, 100 developing agri-districts will be covered.
- The Government is implementing the National Mission for Edible Oilseed for achieving atmanirbhrata in edible oils.
- The Government will now launch a six-year "Mission for Aatmanirbharta in Pulses" with a special focus on Tur, Urad and Masoor. Central agencies like NAFED and NCCF will be ready to procure these three pulses, as much as offered during the next four years from farmers who register with these agencies and enter into agreements.
- A comprehensive programme for Vegetables & Fruits will be launched to promote production, efficient supplies, processing, and remunerative prices for farmers in partnership with states. Appropriate institutional mechanisms for implementation and participation of farmer producer organizations and cooperatives will be set up.
- A Makhana Board will be established in Bihar to improve production, processing, value addition, and marketing of makhana. The people engaged in these activities will be organized into FPOs. The Board will provide handholding and training support to makhana farmers and will also work to ensure they receive the benefits of all relevant Government schemes.
- A National Mission on High Yielding Seeds will be launched, which is aimed at strengthening the research ecosystem, targeted development and propagation of seeds with high yield, pest resistance and climate resilience, and commercial availability of more than 100 seed varieties released since July 2024.
- India ranks second-largest globally in fish production and aquaculture. Seafood exports are valued at INR 60,000 crore. To unlock the untapped potential of the marine sector, the Government will bring in an enabling framework for sustainable harnessing of fisheries from Indian Exclusive Economic Zone and High Seas, with a special focus on the Andaman & Nicobar and Lakshadweep Islands.
- A five-year Mission for Cotton Productivity will facilitate significant improvements in productivity and sustainability of cotton farming, and promote extra-long staple cotton varieties. The best of science & technology support will be provided to farmers. Aligned with integrated 5F vision for the textile sector, this will help in increasing incomes of the farmers, and ensure a steady supply of quality cotton for rejuvenating India's traditional textile sector.
- Kisan Credit Cards (KCC) facilitate short term loans for 7.7 crore farmers, fishermen, and dairy farmers. The loan limit under the Modified Interest Subvention Scheme will be enhanced from INR 3 lakh to INR 5 lakh for loans taken through the KCC.
- For Atmanirbharta in urea production, the Government had reopened three dormant urea plants in the Eastern region. To further augment urea supply, a plant with annual capacity of 12.7 lakh metric tons will be set up at Namrup, Assam.
- India Post with 1.5 lakh rural post offices, complemented by the India Post Payment Bank and a vast network of 2.4 lakh Dak Sevaks, will be repositioned to act as a catalyst for the rural economy.
- India Post will also be transformed as a large public logistics organization. This will meet the rising needs of Viswakarmas, new entrepreneurs, women, self-help groups, MSMEs, and large business organizations.
- The Government will provide support to NCDC for its lending operations for the cooperative sector.
