Union Budget 2022: Rs 2.37 Lakh Crore Direct Payment Of MSP In Farmers' Accounts, Informs Sitharaman

Finance Minister Nirmala Sitharaman in her Budget Speech today said that the government will increase the usage of drones for crop assessment, digitization of land records, spraying of insecticides and nutrients.

She also announced a fund to finance start-ups in the agriculture sector and rural enterprises which are relevant to the development of farm produce value chain. The dedicated fund with blended capital will be raised under co-investment model facilitated through NABARD.

States will be encouraged to revise syllabi of agricultural universities to meet needs of natural, zero-budget and organic farming, modern-day agriculture, Nirmala Sitharaman added.

Regarding the touchy subject of MSP, the FM said that the procurement of wheat in Rabi season 2021-22 and the estimated procurement of paddy in Kharif season 2021-22 will cover 1,208 lakh metric tonnes of wheat and paddy from 163 lakh farmers. "Rs 2.37 lakh crores will be the direct payment of MSP value to their accounts," she added.