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 is aimed at boosting the contribution of the agriculture sector to the state’s GDP.
The finance minister highlighted that the “Agriculture and Allied Sector has a contribution of 15.8 per cent to Gross State Value Added (GSVA). At current prices, the GSVA of Agriculture and Allied Sectors has increased by 4 per cent in 2023-24 compared to 2022-23.” He noted that the sector employs 47.3 per cent of the workforce.
Explaining the government’s policies for the agriculture sector, Vikramarka stressed the importance of strengthening farmers. He said farmers need two kinds of assistance: assured capital for investment and security with remunerative prices for their crops.
Against this backdrop, the Congress party promised to implement a Farm Loan Waiver (FLW) of up to Rs 2 lakh. Despite financial challenges, the state government is gathering the Rs.31,000 crore required to implement the scheme. On July 18, 2024, the government transferred Rs.6,035 crore into the accounts of 11.34 lakh farmers for the FLW. The remaining loans up to Rs.2 lakh will also be waived off soon, he added.
