Hyderabad: Deputy Chief Minister and Finance Minister Mallu Bhatti Vikramarka presented the full budget for the financial year 2024-25 on Thursday. He announced that the State government has proposed Rs 72,659 crore for the agriculture and allied sectors. This move aims to boost the contribution of the agriculture sector to the State’s GDP.
In his budget presentation, the Finance Minister highlighted that Agriculture and Allied Sectors currently contribute 15.8 percent to the Gross State Value Added (GSVA). At current prices, the GSVA of Agriculture and Allied Sectors increased by four percent in 2023-24 compared to 2022-23. However, he noted that the sector’s employment stands at 47.3 percent.
The government’s policies for the agriculture sector focus on strengthening farmers’ finances. The Finance Minister emphasized that farmers need two kinds of assistance: assured capital for investment in agriculture and security with remunerative prices for their crops.
In line with this, Congress has promised to implement a Farm Loan Waiver (FLW) of up to Rs 2 lakh. Despite financial challenges, the State government is systematically gathering the Rs 31,000 crore needed for the scheme.
On July 18, 2024, the government transferred Rs 6,035 crore into the accounts of 11.34 lakh farmers as part of the FLW. The remaining loans up to Rs 2 lakh will also be waived off soon, the Finance Minister added.
