Budget 2024 : Increased Outlay of Rs 10,000 cr Win-Win For For Farmers And Consumers

The record budget allocation of ₹10,000 crore for price stabilisation will be used to augment procurement of pulses, onions and other essential food items. The Indian government has allocated a record budget of ₹10,000 crore for price stabilisation measures aimed at curbing food price volatility.The government is anticipating an increase in procurement of three major pulses – tur, masoor and urad this year.

The merged fund will be used for the benefit of farmers as well as consumers. Food inflation rose from 3.8% in FY22 to 6.6% in FY23, and further to 7.5% in FY24 due to higher prices of pulses, vegetables (onion, tomato, potato) and cereals. The Finance Minister said that the government will do a comprehensive review of the agricultural research set-up to raise productivity.

Presentation- Dibyabharati Nayak