Agricultural credit target to be increased to Rs 20 lakh crores: FM Sitharaman

In Budget 2023, the government has announced plans to build huge decentralised storage capacity to assist farmers.

In her Budget address today, Finance Minister Nirmala Sitharaman announced the establishment of an Agriculture Accelerator Fund to boost agro businesses, emphasising that inclusive development is the Narendra Modi government’s top objective.

According to the Minister, a digital public infrastructure for agriculture would be established as an open source, open standard, and interoperable public good to aid in the development of farmer-centric crop planning solutions.


Agriculture credit has been enhanced to 20 lakh crore for 2024, with an emphasis on animal husbandry, dairy, and fisheries, according to the Minister.

The government has also created the National Monetisation Pipeline, which has a 9 lakh crore investment potential.

Agriculture has done well, according to the Economic Survey, but the sector requires “re-orientation” to address issues such as the unfavourable effects of climate change, growing input costs, and so on.

According to the Survey, the agriculture sector has risen at a 4.6 percent annual pace over the previous six years. It increased by 3% in 2021-22, compared to 3.3% in 2020-21.

In recent years, India has also swiftly developed as a net agricultural exporter. Agricultural exports will hit an all-time high of USD 50.2 billion in 2021-22.

Ms Sitharaman further stated that the government will promote the millet institution in Hyderabad as a centre of excellence.

The United Nations named 2023 the International Year of Millets at the request of the government, with the goal of raising awareness and increasing production and consumption of the grain.