Introduction
In a significant move towards bolstering agricultural development and empowering rural communities, Uttar Pradesh Finance Minister Suresh Kumar Khanna presented the UP Budget 2024 on Monday, February 5, 2024. This budgetary allocation reflects a strategic emphasis on various sectors, particularly agriculture, rural development, and women’s welfare.
Budget Overview
1. Fiscal Estimates
The budget outlines a substantial allocation of funds totaling Rs 24,863.57 crore towards new schemes for the upcoming fiscal year. Despite the considerable investment, the budget forecasts a deficit of Rs 15,103.89 crore after accounting for total expenses.
2. Focus on ‘Matri Shakti’
Describing the budget as a “pink-budget,” Chief Minister Yogi Adityanath highlights its pronounced focus on ‘Matri Shakti’ and schemes aimed at women’s empowerment across the state.
Top Budget 2024 Highlights
1. Destitute Women Pension Scheme
- The allocation for the Destitute Women Pension Scheme has been doubled from Rs 500 to Rs 1000 per month, underscoring the government’s commitment to uplift vulnerable sections of society.
2. Chief Minister Khet Suraksha Yojna
- A substantial sum of Rs 50 crore has been earmarked for the Chief Minister Khet Suraksha Yojna (Farm Security Scheme), emphasizing the importance of safeguarding farmers’ interests.
3. Women Farmer Empowerment Project
- The budget aims to promote Women Farmer Empowerment by forming at least 200 Farmer Producer Groups, facilitating women’s participation and leadership in agricultural activities.
4. Agricultural Growth Target
- With a target growth rate of 5.1 percent in the agriculture sector, the budget underscores the government’s commitment to enhancing productivity and sustainability in agriculture.
5. State Agriculture Development Scheme
- An allocation of Rs 200 crore has been designated for the State Agriculture Development Scheme, signaling a significant investment in bolstering agricultural infrastructure and practices.
6. UP Agris Scheme
- The World Bank-assisted UP Agris scheme is set to receive Rs 200 crore, aimed at modernizing agricultural practices and promoting technological advancements in the sector.
7. Infrastructure Development
- The budget allocates Rs 60 crore for the installation of automatic weather stations in blocks and panchayats, facilitating better monitoring and management of agricultural activities.
- Additionally, Rs 2400 has been allocated to provide electricity at concessional rates, thereby ensuring improved access to essential resources for rural communities.
8. Investments in Key Projects
- Noteworthy investments include Rs 449.45 crore for the PM Kusum Yojna, Rs 1,150 crore for the Noida International Airport, and Rs 150 crore for the expansion of Maharishi Valmiki International Airport in Ayodhya, demonstrating the government’s commitment to infrastructure development.
Industry Perspectives
1. Dr. KC Ravi – Syngenta India Pvt Ltd
- Dr. Ravi emphasizes the importance of digital infrastructure and technology infusion in sustaining agricultural growth, urging for policy reforms to support innovation and investment in the agrochemical sector.
2. Dinesh Patidar – Shakti Pumps (India) Ltd.
- Patidar lauds the government’s initiatives for promoting sustainable growth in solar and agriculture sectors, particularly highlighting schemes like PM Kusum Yojana and the focus on rural electrification.
3. Amit Patjoshi – Palladium India
- Patjoshi commends the budget’s focus on value addition and income augmentation for farmers, stressing the significance of initiatives like PM Kisan Sampada Yojana in empowering the agricultural community.
4. Mr. Deepak Shah – Chairman CCFI
- Shah underscores the need for policy measures to strengthen domestic manufacturing in the agrochemical sector, advocating for increased customs duties to promote self-reliance and mitigate import dependency.
Conclusion
In conclusion, the UP Budget 2024-25 signifies a strategic commitment towards inclusive development, with a strong focus on ‘Matri Shakti’ and bolstering agricultural sustainability. Through substantial investments in key sectors and welfare schemes, the government aims to foster growth and prosperity, ensuring a brighter future for the state’s citizens.
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FAQs (Frequently Asked Questions)
- How does the UP Budget 2024 prioritize women’s welfare?
- The budget allocates significant funds towards schemes like the Destitute Women Pension Scheme and initiatives promoting Women Farmer Empowerment, reflecting a dedicated focus on women’s empowerment.
- What are some key projects receiving investments in the UP Budget 2024?
- Notable projects include the Chief Minister Khet Suraksha Yojna, PM Kusum Yojna, and infrastructure development projects such as Noida International Airport and Maharishi Valmiki International Airport expansion.
- How does the budget address challenges in the agricultural sector?
- The budget emphasizes technological advancements, infrastructure development, and policy reforms to enhance agricultural productivity and sustainability, aiming for a target growth rate of 5.1 percent.
- What are industry experts’ opinions on the UP Budget 2024?
- Industry experts laud the budget’s initiatives for promoting sustainable growth, empowering rural communities, and strengthening domestic manufacturing in sectors like agriculture and solar energy.
- What measures are suggested for further enhancing the agricultural sector’s resilience and competitiveness?
- Experts recommend policy measures such as rationalizing GST on agrochemicals, incentivizing research and development, and enhancing customs duties to promote self-reliance and mitigate import dependency.
