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The Budget 2024-2025 announcement by Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> saw productivity and resilience in <keyword id="19931887" type="General" weightage="20" keywordseo="agriculture" source="keywords">agriculture</keyword> being prioritised above all else. With a desire to turn focus on <keyword id="19934969" type="General" weightage="20" keywordseo="farmers" source="keywords">farmers</keyword>, or Annadatas, ₹1.52 lakh crore has been allocated for agriculture and its allied sectors. This is quite an increase from the Interim Budget announcement of ₹1.27 lakh crore in February 2024. It is being speculated that this substantial focus on the agricultural sector stems from the BJP's vote share dipping in semi-urban and rural areas during the recent Lok Sabha elections. In fact, when Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> returned for a third term in office, the first file he signed was for the release of the 17th instalment of the PM <keyword id="22000840" type="General" weightage="20" keywordseo="kisan-nidhi" source="keywords">Kisan Nidhi</keyword> scheme, ET reported. However, the government's commitment to transforming agriculture and potentially the lives of Indian farmers could lead to the agricultural sector growing at 3.7% in the current fiscal, compared to 1.4% last year, as per the CII. <h2>Key initiatives in agriculture</h2>Transforming Agriculture Research The government is set to conduct a comprehensive review of the agricultural research framework, with an emphasis on enhancing productivity and developing climate-resilient crop varieties. Funding will be allocated on a challenge basis, including to private sector initiatives. This research will be overseen by domain experts from both governmental and non-governmental organizations. Release of New Varieties A total of 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops will be introduced for farmers to cultivate. Promoting Natural Farming In the next two years, the government plans to transition one crore farmers to natural farming practices, supported by certification and branding efforts. This initiative will be carried out through scientific institutions and willing <keyword id="20030597" type="General" weightage="20" keywordseo="gram-panchayats" source="keywords">gram panchayats</keyword>, with 10,000 bio-input resource centers to be established based on need. Missions for Pulses and Oilseeds To achieve self-sufficiency in pulses and oilseeds, the government will strengthen their production, storage, and marketing. As outlined in the interim budget, a strategy is being implemented to attain 'atmanirbharta' (self-reliance) for oilseeds like mustard, groundnut, sesame, soybean, and sunflower. <div type="Article" hostid="261" msid="111930255" title="Economic Survey calls for urgent agricultural reforms; cites growth hurdles" mstype="2" mssubtype="0"></div>Vegetable Production &amp; Supply Chains Large-scale clusters for vegetable production will be developed near major consumption centers. The government will support Farmer-Producer Organizations, cooperatives, and startups to streamline the vegetable supply chain, including collection, storage, and marketing. Digital Public Infrastructure for Agriculture Building on the success of a pilot project, the government, in partnership with states, will facilitate the implementation of Digital Public Infrastructure (DPI) for agriculture over the next three years. This year, a digital crop survey for Kharif crops will be conducted in 400 districts, integrating details of six crore farmers and their lands into registries. Additionally, Jan Samarth-based Kisan Credit Cards will be issued in five states. Shrimp Production &amp; Export Financial support will be provided to establish a network of Nucleus Breeding Centres for shrimp broodstocks. NABARD will facilitate financing for shrimp farming, processing, and export. National Cooperation Policy A new National Cooperation Policy will be introduced to promote systematic and comprehensive development of the cooperative sector. This policy aims to fast-track rural economic growth and create large-scale employment opportunities. <h2>Budget allocation highlights</h2><ul><li>PM-Kisan Samman Nidhi: Will be retaining its allocation of ₹60,000 crore to provide direct financial assistance to 11.8 crore small and marginal farmers.</li><li>Pradhan Mantri Fasal Bima Yojana: Allocated funds to provide crop insurance to four crore farmers, protecting them from adverse weather conditions.</li><li>e-NAM Expansion: Integration of 1,361 mandis into the e-NAM platform to enhance market efficiency and transparency, benefiting 1.8 crore farmers with an expected trading volume of ₹3 lakh crore.</li></ul><h2>Government committed to Polavaram irrigation project in Andhra Pradesh</h2>The Finance Minister said that the government is fully committed to financing and expeditiously completing the Polavaram irrigation project, which is considered a lifeline for Andhra Pradesh and its farmers. <h2>Future directions</h2>The government aims to increase public and private investment in post-harvest infrastructure and supply chains, promoting aggregation, modern storage, and efficient processing to reduce losses and improve food security. Additionally, the dairy and fisheries sectors will see significant development, with initiatives to boost productivity and exports, contributing to a sustainable and prosperous agricultural ecosystem. <div type="Article" hostid="261" msid="111951205" title="Budget 2024-25: Changes to tax slabs, increased standard deduction and other changes to direct taxation" mstype="2" mssubtype="0"></div>

What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?

<ul><li><keyword id="2856321" type="PERSON" weightage="20" keywordseo="Kisan-Network">Kisan Network</keyword>, an Indian agriculture supply chain startup that aims to connect farmers via phones has raised $3 million ( ₹21.4 crore) as seed fund. </li><li>Its angel investors include <keyword id="610465" type="COMPANY" weightage="20" keywordseo="Y-Combinator">Y Combinator</keyword>, the <keyword id="1670485" type="ORGANIZATION" weightage="20" keywordseo="Thiel-Foundation">Thiel Foundation</keyword>, Venture Highway, FundersClub, Lynett Capital, Gokul Rajaram among others. </li><li>It plans to address two major roadblocks in farmer’s growth — access to information and the resources to facilitate it. </li><li>The company claims that the kisans earn 5%-15% of the crop sale — more than what they can earn in a conventional system. </li></ul>Kisan Network, an Indian agriculture supply chain startup that aims to connect farmers via phones has raised $3 million ( ₹21.4 crore) as seed fund from PayPal founder <keyword id="8681417" type="PERSON" weightage="20" keywordseo="peter-thiels">Peter Thiel’s</keyword> foundation. The fresh round of fundraising by the founder, the Princeton University dropout, <keyword id="762255" type="PERSON" weightage="20" keywordseo="aditya-agarwalla">Aditya Agarwalla</keyword> was led by Atutshi Taira, who is the managing director of Mistletoe Singapore. “We see immense value in Kisan Network’s focus in providing market linkages directly to farmers, and their progress so far in building out each aspect of their tech enabled supply chain is empowering farmers to become entrepreneurs by providing various kinds of services,” Taira said. Agarwalla started Kisan Network with $100,000 awarded by Thiel Foundation in 2016. Today the firm’s backers include Y Combinator, the Thiel Foundation, Venture Highway, FundersClub, Lynett Capital, Gokul Rajaram among others. “Treating farmers like entrepreneurs” Founded in 2016, the startup plans to use the fresh capital to expand its network of farmers and come up with more farmer-centric products. It has on boarded over 55,000 farmers across 6,000 villages in rural India. “We treat the farmer like an entrepreneur. This investment will aid the rapid expansion into new regions and crops across the country, bringing lakhs of more marginal farmers into the fold and helping them ship hundreds of more trucks directly from their farms to businesses.” said Aditya Agarwalla, co-founder of Kisan Network. Kisan Network is working to revamp the Indian agriculture space. It plans to address two major roadblocks in farmer’s growth — access to information and the resources to facilitate it. The kisan (hindi word for farmer) on the platform is given crop quality reports, market prices for the produce, and transportation rates along with assisting them with logistics and digital payments. “Farmers all over India face several hurdles at the time of crop sale — including pricing, limited knowledge of potential markets, delayed payments and lack of logistical support. These hurdles are well documented. They have been present for generations with little to no improvement at a large enough scale to impact farmers directly,” Agarwalla added. The company claims that the farmers <a href="https://www.nationalgeographic.com/news/2018/02/chasing-genius-father-son-india-farmers-kisan-network/">earn anywhere between 5% and 15% of the crop sale</a> — a lot more than what they can earn in a conventional system. See also: <a href="https://www.businessinsider.in/a-startup-that-bets-on-packaged-keto-snacks-and-chocolates-raises-seed-funding/articleshow/70784578.cms">A startup that bets on packaged keto snacks and chocolates raises seed funding</a> <a href="https://www.businessinsider.in/business/news/india-for-elimination-of-trade-distorting-subsidies-on-agriculture-in-wto/articleshow/73705162.cms">India for elimination of trade-distorting subsidies on agriculture in WTO</a>

Paypal founder Peter Thiel's foundation invests in an Indian fund for farmers

<ul><li>According to the ICICI Direct report, the allocation towards the railway budget is expected to be around ₹1.79 lakh crore </li><li>The Piyush Goyal-led Ministry of Railways will be eyeing support for a new set of Tejas trains, more routes for Kisan Rail, better infra and much more from their wishlist.</li><li>The <a href="https://timesofindia.indiatimes.com/business/india-business/railway-budget-2021-bullet-train-expectations-list-mumbai-ahmedabad-varanasi/articleshow/80419088.cms">reports </a>also indicate that the <keyword id="8420431" type="UNKNOWN" weightage="20" keywordseo="budget-2021">Budget 2021</keyword> may also talk about Indian Railways’ plans to introduce new bullet train networks in the coming years.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Budget Insider</a>.</li></ul>The Indian Railways may not have a separate budget anymore but it is as strategically important for the economy as ever. Just as much as they played a significant role in taking migrant workers back home during the pandemic, the COVID-19 crisis also exposed many shortcomings in the system. Experts believe that improving and strengthening Railways can be a key driver of India’s economic recovery. Finance Minister Nirmala Sitharaman’s budget this year is expected to push for a new set of Tejas trains, more routes for Kisan Rail (dedicated line to move agricultural produce), and better infrastructure to name some of the items from the experts’ wishlist. According to the ICICI Direct report, the allocation towards the railway budget is expected to be around ₹1.79 lakh crore and gross budgetary support for railways is expected to be around ₹75,000 crore. <div type="image" title="Railway Budget" msid="80492375" hostid="261"></div> Here what analysts are expecting from Budget 2021: Support for faster trains Private trains will be the government’s top agenda, especially the high-speed ones. According to the Brickwork Rating report, the Budget is expected to bring more policy support for private trains, new train sets for faster connectivity on new routes, better rail connectivity to tourist and pilgrimage spots, expansion of railway infrastructure for better connectivity in northeastern states. The <a href="https://timesofindia.indiatimes.com/business/india-business/railway-budget-2021-bullet-train-expectations-list-mumbai-ahmedabad-varanasi/articleshow/80419088.cms">reports </a>also indicate that the Budget 2021 may also talk about Indian Railways’ plans to introduce new bullet train networks in the coming years. The Railways released a draft ‘National Rail Plan 2024’ which proposed almost 8,000 kilometres of bullet train network across the country by 2051. <div type="image" title="b5c8b7e79a7500035755dc9c400df9db" msid="80492449" hostid="261"></div> In the last Budget, FM Sitharaman said that the bullet train project between Mumbai and Ahmedabad would be ‘actively pursued’ by the Railways. But all thanks to COVID the execution has been slower than ever — the maiden high-speed rail network is under construction. Launching private and faster trains will reduce transit time and maintenance. It will also provide enhanced safety with an obvious boost for job creation. Higher allocation for safety fund and its ‘Green Railways’ initiative Along with the budget allocation, the <a href="https://www.livemint.com/news/india/railways-seeks-50-hike-in-safety-fund-11611508208101.html">reports </a>indicate that Railways has sought a 50% increase in allocation for its safety fund—the Rashtriya Rail Sanraksha Kosh. It expects that from the current ₹20,000 crore it should be hiked to ₹ 30,000 crore every year for five years, which will help in bringing state-of-the-art technology in the safety infrastructure. <div type="image" title="Piyush-Goyal-bccl" msid="80492468" hostid="261"></div> Started in 2017 by the then finance minister Arun Jaitley the safety fund initiative was to prevent accidents and boost safety, including timely replacement of over-aged assets. Jaitley then said the government would provide seed capital, but the Railways would have to arrange the balanced resources from its revenues, among other sources. The railways have also set an ambitious target to become ‘Green Railways’ by 2030 — starting by the electrification of 7,000 RKM in the current fiscal year. In the Budget this year, the ministry expects a higher allocation towards its green energy initiatives. More routes for Kisan Rail <div type="image" title="kisan rail" msid="80492486" hostid="261"></div> Announced in the last Budget, the Kisan Rail helps farmers transport and sell their produce at subsidized rates across the nation. The Finance Minister is expected to expand the Kisan Rail route from the current Maharashtra-Bihar route to other parts of the country, strengthening the cold supply chain of perishable agricultural produce. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/indian-grooming-startup-bombay-shaving-company-gets-45-crore-investment-from-dettol-maker-reckitt-benckiser/articleshow/80491558.cms" data-type="tilCustomLink">Indian grooming startup Bombay Shaving Company gets ₹45 crore investment from Dettol maker Reckitt Benckiser</a> <a href="https://www.businessinsider.in/tech/news/apple-demolished-q1-earnings-estimates-and-set-a-new-record-with-111-billion-in-revenue/articleshow/80490065.cms" data-type="tilCustomLink">Apple demolished Q1 earnings estimates and set a new record with $111 billion in revenue</a>

Railways Budget 2021: Faster trains, higher funding and support for green railways — here’s what’s on the experts’ checklist

The <keyword id="6355455" type="General" weightage="20" keywordseo="indian-railways" source="Orion">Indian Railways</keyword> (IR) has set a target of 100 per cent electrification of its network by December 2023, said <keyword id="6354872" type="General" weightage="20" keywordseo="economic-survey" source="Orion">economic survey</keyword> 2021-22. To achieve this target with creation of other infrastructure in the sector, the government has increased the CAPEX (Capital expenditures) by five fold in the last seven years. Union Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Monday tabled Economic Survey 2021-22 in the Lok Sabha. The survey claims that IR is targeting 100 per cent electrification of its network by December 2023, upgradation of Delhi-Mumbai and Delhi-Kolkata corridors to 160 kmph and also elimination of level crossings on the Golden Quadrilateral and Golden Diagonal routes. The CAPEX has been increased substantially for IR from an average annual of Rs 45,980 crore during 2009-14 to Rs 2,15,058 crore during 2021-22. "An average of 1,835 track km per year of new track length has been added through new-line and multi-tracking projects during 2014-2021 as compared to the average of 720 track km during 2009-14," survey said. It mentioned that safety of the passengers and safe upkeep of railways assets is the topmost priority of IR. "With a continuing focus on safety of passengers the number of consequential train accidents has come down from 59 in 2018-19 to 55 in 2019-20 (pre-Covid) and further to 22 in 2020-21," it said. In order to strengthen the agriculture sector, as on December 31, 2021, the railways has operated 1,841 Kisan Rail services, transporting approximately six lakh tonnes of perishables items including fruits and vegetables. During FY21, IR carried 1.23 billion tonnes of freight and 1.25 billion passengers. "Despite Covid-19 pandemic, revenue earning freight loading (excluding loading by Konkan Railway Corporation Ltd. (KRCL) was 1230.9 million tonnes in 2020-21 as compared to 1208.4 million tonnes during 2019-20. Passengers originating were 1,250 million in 2020-21 as compared to 8,086 million in 2019-20," it said. In order to provide better amenities, the IR has embarked on providing Wi-Fi internet services at all stations (excluding halt stations) and as on December 5, 2021, total 6,087 Railway Stations have been equipped with the facility. In addition, projects connecting difficult terrain such as Rishikesh- Karnaprayag line as also the rail network to connect all capitals of north east states are ongoing. Further, a number of infrastructure development initiatives are envisaged in the National Rail Plan (NRP) being prepared by the Indian Railways. The plan envisages the creation of a future ready railway system that is able to not only meet the passenger demand but also increase the modal share of railways in freight to 40-45 per cent from the present level of 26-27 per cent. As per the National Rail Plan, the freight ecosystem is expected to grow from the present level of 4,700 MT to 8,200 by 2030. "At present the railway capacity is barely able to carry 1,220 MT which is around 26-27 per cent of the modal share. The Plan provides a pipeline of projects, which on completion will increase railway capacity to capture 45 per cent of freight traffic," the plan said. To prevent further bleeding away of modal share, railway capacity enhancing projects have been categorized as 'Super Critical' and 'Critical'. A total of 58 projects have been identified as 'Super Critical' and are targeted for completion by December 2022. About 68 projects have been identified as 'Critical' and have been targeted for completion by March 2024. "These projects are focused at increasing capacity on routes that serve major mineral, industrial hubs along with ports and major consumption centres," it said. "The next 10 years will see a very high level of CAPEX in the railway sector as capacity growth has to be accelerated such that by 2030 it is ahead of demand. As more projects are taken on hand and several sources of capital funding are developed, the CAPEX will increase further in coming years and the railway system will actually emerge as an engine of national growth," it added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/prime-minister-narendra-modi-mann-ki-baat-january-2022-does-not-mention-if-india-bought-pegasus-spyware/articleshow/89218666.cms">Simply put, the charge on the Modi government is that it lied to the Parliament about buying Pegasus spyware and it must respond</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/rupee-is-likely-to-weaken-against-the-us-dollar-in-2022-as-per-experts/articleshow/89218673.cms">Experts say the rupee is likely to weaken against the US dollar this year</a>

Indian railways target 100% electrification by December 2023

New Delhi, Apr 30 () Agri-startups, which are growing at 25 per cent year-on-year basis, can offer tech solutions to help Indian farm sector to keep food and farm supply chain rolling during and post lockdown phase, according to a study by industry body Ficci.This becomes more critical amid the ongoing procurement of rabi (winter) crops and consequent sowing of kharif (summer) crops across the country in the backdrop of COVID-19 scare, it said.There are about 450 active agri-startups in India. Many of them are already working to solve the problems at hand, it added.According to the study, agri-tech startup companies have grown 25 per cent year-on-year. They have received venture capital funding of USD 545 million since 2014. out of this, USD 330 million came in 2019.Highlighting agri-tech solutions, the study said agri-startups can provide aggregation and distribution of farm produce from point of collection to consumption centres.Many startups are trying to connect farmers with buyers, including retailers, e-commerce, processors, cloud kitchens and even direct to consumers.Startups working in this area include Ninjacart, Jumbotail, Bigbasket, ShopKirana, SuperZop, WayCool, MeraKisan, Kamatan, DeHaat, KrishiHub, Agrowave, Loop, Crofarm, FreshoKartz, Agribolo, Himkara, Kisan Network.To provide quality assaying of agricultural commodities, startups like Intellolabs, Agricxlab, Zense, Raav Tech, Occipital, Amvicube and Nanopix are attempting to solve the problem of standardisation through mobile imagery and digitisation.To address post harvest challenges, the study said some startups have begun work on near farm, modular and affordable storage and processing solutions.These storage facilities are intended to give farmers an option to sell the produce at the right price and at the right time, instead of immediate or distressed liquidation of their produce after harvest.The startups in this category include Our Foods, Agri Bazaar, Star Agri, Arya Collateral, Ecozen, Origo, it added.For smooth operation of kharif sowing, the study said startups such as Agrostar, BigHaat, Behtar Zindagi, Unnati, Gramophone, Freshokartz, AgriBolo, DeHaat, Bharat Rohan, and Bharat Agr are offering solutions to optimise the use of agricultural inputs and enable delivery to farmers.Agri-startups are trying to build business models to reach out to farmers directly both online as well as through offline presence in the villages. Such startups can play a pivotal role in making sure that farmers get desired inputs in a timely manner, it said.To reduce labour cost through mechanisation, some start-up companies like Sickle innovations, Distinct Horizon, Tractor Junction, Khetibadi and J Farm service are offering mechanisation solutions for harvesting and sowing.In addition, some of the startups have focused on accurate and timely assessment of soil moisture and developing data-driven controlled irrigation models. The startups in this category include Satyukt Analytics, Flybird, Kritsnam, Agrirain, Manna Irrigation, the study added.That apart, some agritech startups can provide farmers advisory for crop monitoring, including institutional credit and crop insurance.CropIn, SatSure, Farmguide, Niruthi, AgRisk, Skymet. Startups like Samunnati, FarMart, Jai-Kisan, PayAgri, Bijak are specifically working in value chain financing.Many of these startups are using satellite images to geotag farms, assess crop health and estimate output. They are also building algorithms for farm monitoring and models for artificial intelligence to automate and improve predictably of yield and farmers' incomes, the study added. LUX BALBAL

Agri-startups can offer tech solutions to keep food supply chain rolling amid COVID-19 crisis: Study

<ul><li>Out of the 11 measures announced on May 15, 8 related to strengthening infrastructure, logistics, storage capacity.</li><li>Three of them were related to governance and administrative reforms, the Minister said speaking in New Delhi. </li><li>Sitharaman promised that government will allocate money and to quickly ramp up existing policies in these spaces.</li></ul><keyword id="6355261" type="UNKNOWN" weightage="20" keywordseo="finance-minister">Finance Minister</keyword> Nirmala Sitharaman's third tranche of the ₹20 lakh crore ($270 billion) economic stimulus promised by Prime Minister Narendra Modi from the government in New Delhi was dedicated to farming and allied activities including fisheries and animal husbandry etc. The first tranche was a clearly quantifiable ₹5.9 lakh crore ($78 billion) push for micro, small and medium (MSME) businesses, non-banking financial companies, among others. The second one was dedicated largely to providing relief to migrant workers and small farmers. One nation, one ration card was one of the highlights of the announcement. ALSO READ: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/for-one-nation-one-ration-card-scheme-narendra-modi-and-nirmala-sitharaman-face-many-risks/slidelist/75752500.cms">For ‘One nation, one ration card’ to work, India has to fix a bunch of issues on war footing</a> Out of the 11 measures announced on May 15, 8 related to strengthening infrastructure, logistics, storage capacity and 3 were related to governance and administrative reforms. Sitharaman promised that government will allocate money and to quickly ramp up existing policies in these spaces. These are the top highlights of the Finance Minister's speech on May 15: 1. ₹1 lakh crore ($13 billion) allocated to strengthen <a href="https://www.businessinsider.in/business/startups/news/india-sets-up-fund-for-cold-storage-for-farm-products-startups-are-eligible/articleshow/75758088.cms" data-type="tilCustomLink" target="_blank">farm-gate infrastructure like cold chains, storage centres</a>etc. The fund created for cooperatives,farmers producer organisations, private entrepreneurs, startups etc. looking to enter this space. <div type="Article" hostid="261" msid="75758676" title="India proposes to deregulate prices of onions, potatoes, pulses and other essential food — prices won’t be capped and one can store as much as needed" mstype="2" mssubtype="0"></div> 2. For micro food enterprises, the government will provide a fund of ₹10,000 crore. The intention is to help local manufacturers and brands, in the health and wellness space, organic products, nutrition products etc. to go global. The fun will go into modernising, formalising, and bringing these firms up to global standards. This will be cluster-based approach. For instance, makhana makers in Bihar, saffron products makers in Kashmir, tapioca makers in Tamil Nadu, ragi makers in Karnataka etc. can benefit from this. 3. Pradhan Mantri Matsya Sampada Yojana (a scheme dedicated to marine fisheries and aquaculture):₹20,000 crore to boost fish production by 7 million tonnes in the next five years. 4. [An existing programme] ₹13,343 crore had been allocated for National Animal Disease Control Programme in January 2020 to ensure 100% vaccination of cattle, buffalo, sheep, goat and pig population (over 53 crore animals). 1.5 crore cows and buffaloes tagged and vaccinated till date. This will continue in green zones. 5. A new fund of ₹15,000 crore is being established to boost animal husbandry infrastructure development. Dairy producers and processors will be eligible for incentives being provided from this fund. Those who want to set up plants for export of niche dairy products will also be supported. 6. ₹4,000 crore for promotion of cultivation of medicinal plants. 1 million hectares to be covered under herbal cultivation in the next two years. This will lead to income generation of ₹5,000 crore for farmers. Development of a corridor of 800 hectare area along the banks of river Ganga. A network of regional markets (mandis) will be created for medicinal plants. 7. ₹500 crore for beekeeping initiatives. Government will implement a scheme for infrastructure development related to Integrated Beekeeping Development Centres, Collection, Marketing and Storage Centres. This will lead to an increase in yield and crop quality, resulting in increase in income for 2 lakh beekeepers. 8. ₹500 crore for subsidy to farmers of green produce (fruits and vegetables). 50% subsidy for transportation of green produce from surplus to deficient markets. 50% subsidy for storage of green produce. This pilot project will initially be for a period of 6 months - the government says it will be expanded and extended in the future. 9. <a href="https://www.businessinsider.in/politics/policy/news/what-is-essential-commodities-act-that-nirmala-sitharaman-wants-to-amend/articleshow/75759156.cms" data-type="tilCustomLink" target="_blank">Essential Commodities Act</a>will be amended to deregulate prices of cereals, edible oils, oilseeds, pulses, onions and potato etc. Stock limits to be imposed only under exceptional circumstances like national calamities, famine with a surge in prices. No such stock limit shall apply to processors or value chain participants, or to any exporter subject to export demand. 10. Farmers will be given the choice to sell their produce at attractive prices, instead of selling it to just <a href="https://www.businessinsider.in/politics/news/bjp-narendra-modi-nirmala-sitharaman-push-agriculture-apmc-reform/articleshow/75760189.cms" data-type="tilCustomLink" target="_blank">APMCs (Agricultural Produce Market Committee)</a>. Framework for e-trading of agricultural produce to be included in the central law proposed to be formulated. <div type="Article" hostid="261" msid="75760364" title="I have been asking for this for 20 years, says Ashok Gulati, agriculture scientist ⁠— cheering the changes to Essential Commodities Act and APMC" mstype="2" mssubtype="0"></div> 11. Agricultural Produce Price and Quality Assurance. Facilitative legal framework to be created to enable farmers for engaging with food processors, aggregators, large retailers, exporters etc. Risk mitigation for farmers, assured returns and quality standardisation shall form an integral part of the framework Taking stock of the measures taken during the lockdown. ₹74,300 crore worth agricultural produce was purchased at minimum support prices since the lockdown began on March 25. ₹18,700 crore cash has transferred from the Prime Minister's Kisan (farmer) Fund. ₹6,400 crore worth claims under PM Fasal Bimal Yojana (crop protection scheme). Milk cooperatives bought 560 litres of every day against the daily demand of 360 litres. Additional 111 crore litres of milk was purchased and dairy farmers were paid ₹4,100 crore. The excess milk will be converted to milk powder, a Finance Ministry official said. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/zomato-lays-off-13-of-its-workforce-announces-pay-cuts-for-all/articleshow/75756087.cms" data-type="tilCustomLink" target="_blank">Zomato lays off 13% of its workforce, announces pay cuts for all – CEO Deepinder Goyal says 40% of their restaurants could shut down in 12 months</a> <a href="https://www.businessinsider.in/business/startups/news/hyderabad-startup-vera-healthcare-has-built-a-testing-bus-for-covid-19-with-an-inhouse-quarantine-berth-and-will-cover-upto-10000-houses-in-a-day/articleshow/75755521.cms" data-type="tilCustomLink" target="_blank">This Hyderabad-based startup has built a testing bus for Covid-19 – with an inhouse quarantine berth and will cover upto 10,000 houses in a day</a> <a href="https://www.businessinsider.in/stock-market/news/biocon-share-price-falls-after-earnings-and-mutual-funds-stake-in-the-stock/articleshow/75754048.cms" data-type="tilCustomLink" target="_blank">Biocon was a hot stock before the latest earnings— from Tata Asset Management to Baroda AMC, at least five mutual fund houses added it to their portfolio</a>

These are the top takeaways from Finance Minister Nirmala Sitharaman's third installment from Modi's ₹20 lakh  crore stimulus

<ul><li>The central government is set to launch <keyword id="7815662" type="UNKNOWN" weightage="20" keywordseo="Jal-Shakti-Abhiyan">Jal Shakti Abhiyan</keyword> to fight water crisis problems in the country. </li><li>The campaign will work out measures for <keyword id="6354898" type="UNKNOWN" weightage="20" keywordseo="Rainwater-harvesting">rainwater harvesting</keyword> and <keyword id="6362691" type="UNKNOWN" weightage="20" keywordseo="water-conservation">water conservation</keyword> efforts in 255 districts from July 1 to September 15, in its first phase and would be coordinated by central government IAS officers as decisions relating to water is a state issue. </li><li>The second phase will run from October 1 to November 30 in states that receive rains from the north-east monsoon. </li><li>Prime Minister Narendra Modi, on June 22, wrote letters to village panchayat heads and urged them to undertake rainwater harvesting and water conservation efforts in rural India. </li></ul>The new finance minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> will present the Union Budget for 2019-20 in the Parliament on July 5. Just days before, Prime Minister Narendra Modi set the tone for the big announcement likely on Friday by initiating the ‘Jal Shakti Abhiyan’, a project to conserve water through rainwater harvesting and other efforts to save water. Amid the high temperatures and severe water crisis, the country is going through, it would be among government’s main agenda to tackle the rapidly increasing water issues throughout the country, The major cities of India like Chennai and Bengaluru were recently in the news due to severe water crisis. The story of rural India is more frightening where 80% of rural homes does not have piped water supply. Only 18% of 17.9 million rural homes have tap water. The central government in efforts to deal with water related issues had merged the water resources and drinking water and sanitation ministries and formed the Jal Shakti Ministry. The new ministry, which has the decision making power over all international and interstate water disputes, the Clean Ganga project, and making drinking water accessible, will be hopeful of a handsome budget to deal with the The government is also set to launch the Jal Shakti Abhiyan to workout measures for rainwater harvesting and water conservation from July 1 in a phased manner, under the supervision of central government IAS officers of Joint or Additional Secretary-level in 255 districts. It seeks to work out measures for rainwater harvesting and water conservation efforts in 255 districts of the country starting July 1, 2019. The campaign is planned in a phased manner, where the first phase starts on July 1 and would run till September 15 in states receiving rainfall during the south-west monsoon, and would be coordinated by the IAS officers of Joint or Additional Secretary-rank from the 255 districts. The next phase will kickstart from October 1 and run till November 30 and will cover states that receive rainfall during the north-east monsoon. As water is not central government issue and state governments are free to decide upon policies for usage and water conservation, the officers will be drawn from various ministries of Government of India, including the Department of Space, Petroleum and Defence, <a href="https://dopt.gov.in/sites/default/files/31-16-2019-EOMM-I.pdf">according to the Department of Personnel and Training</a>. Prior to the launch of the campaign, high level teams were constituted in the 255 districts, and engineers and technical staff was designated in 1,539 blocks across the country to measure ground water levels, the state of aquifers, and ponds and water bodies under encroachment. India’s population is 17.74% of the total world population, whereas the water resources account for a mere 4%. This combined with ever increasing demand and depleting water sources due to encroachment, contamination and reduced rainfall, puts India in a grave situation. “As of today, India only conserves 8% of all rainfall, which is among the lowest in the world,” <a href="https://www.hindustantimes.com/india-news/under-jal-shakti-scheme-centre-to-focus-on-replenishing-water-bodies/story-heKzqsW0IzPfY0lwi9OjxI.html">a senior Jal Shakti official said</a>.”we need to change this.” In line with Gram Swaraj Abhiyan The Jal Shakti Abhiyan is in line with last year’s Gram Swaraj Abhiyan, where central government officials monitored the implementation of seven flagship development schemes in 117 districts across the country. To further achieve its target, the ministry will draft block and district level water conservation plans and the Kisan Vigyan Kendras would organise fests to promote better crop choices and more efficient usage of water for irrigation. To spread awareness about the campaign, major communications campaign on TV, radio, social media would be carried out, for which celebrities will also be roped in. The prime minister, on June 22, wrote letters to all village panchayat heads, and urged them to undertake rainwater harvesting and water conservation activities in rural India, <a href="http://pib.nic.in/newsite/PrintRelease.aspx?relid=190639">as per PIB release</a>. “In the last four years, nearly 50,000 villages have used MGNREGA [rural income guarantee act] and other state funds to successfully conserve rain water in a big way,” rural development secretary <a href="https://www.hindustantimes.com/india-news/under-jal-shakti-scheme-centre-to-focus-on-replenishing-water-bodies/story-heKzqsW0IzPfY0lwi9OjxI.html">Amarjeet Sinha was quoted saying</a>. The government is also likely to announce a national water conservation policy along with a conservation programme for the 226 highly water stressed districts of the country, an official said. Plans with the MPs to prioritise water storage works under their local area development fund are also underway. “Any national policy on water has to pivot around ground water because “ground water is India’s water lifeline”. Secondly, he said there is a complete policy vacuum on the urban water sector and India urgently needs a programme to regulate its urban-water footprint,” said Himanshu Thakkar of the South Asia Network on Dams, Rivers and People.

Nirmala Sitharaman’s budget on Friday may push for water conservation

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Saturday announced <keyword id="8192304" type="UNKNOWN" weightage="20" keywordseo="union-budget-2020">Union Budget 2020</keyword> which gave an impetus to the country’s digital ecosystem.</li><li>The budget came up with an optional new tax regime which could lead to lower taxes for taxpayers.</li><li>She also acknowledged the role entrepreneurs have played in creating more jobs and capital for the country.</li></ul>As Finance Minister Nirmala Sitharaman presented the Union Budget on Saturday, the industry came together to applaud the government’s digital push with the announcement of the setting aside of Rs 6,000 crore for BharatNet, to ensure low cost internet reaches every household in the country. The government also announced an optional new tax slab which has lower tax rates, although the people opting for the new tax regime will not get any exemptions. The FM also spoke about the role that entrepreneurs have played in creating jobs and bringing in more capital to the country. However, there were a few industry experts who felt that the expectations from ‘the budget were much higher and it feels like a missed opportunity.’ Here are the views of some experts: Ashish Bhasin, CEO, APAC and Chairman, India - Dentsu Aegis Network: I think this is a good budget in some ways because it has attempted to put money in the hands of the middle class through rationalisation of tax rates as well as has concentrated on looking after the agricultural sector, including introduction of best practises like storage for producers and other measures. However, I do feel that the expectations from the budget were much more and it does feel like a bit of a missed opportunity. While it is good to see that the dividend distribution tax has been abolished, I expected more on the rationalisation of direct taxes, particularly the cess introduced over and above the tax rates. It is good to see efforts being made to encourage new-age skill development as well as helping the start-ups and what's particularly interesting is the proposal to set up data centre farms all over the country. This will prepare India for the economy of tomorrow. It is also good to see attempts at simplification of taxation through digitisation but the proof of the pudding will lie in seeing its implementation on ground. It would be fair to say that at best it is a mixed budget and while there are some encouraging decisions, enough does not seem to have been done for the situation the economy is in. RS Sodhi, Managing Director of the Gujarat Cooperative Milk Marketing Federation: <keyword id="7836802" type="UNKNOWN" weightage="20" keywordseo="Budget-2020">Budget 2020</keyword>, an excellent move, will bring more investments in the dairy sector which will increase the farmers’ bargaining power to get better prices for their produce, if done properly it will create 80 lakh jobs in Rural India and 16 lakh jobs in Urban India. Anand Bhadkamkar, CEO, Dentsu Aegis Network (DAN) India: The budget has provided relief to the middle class with lower tax rates which is a welcome move, as it will provide more liquidity. On direct taxes, the abolition of DDT and introduction of a tax dispute resolution scheme is a welcome step alongside tax reliefs for startups. The budget is focusing on easing and simplification of compliance, with changes in corporate laws as well as in GST and direct taxes. However, I was expecting further simplification of cess and surcharges beyond tax rates across slabs. The proposals for development of road infrastructure, setting up data centre parks and skill development initiatives are welcome steps in addition to allocations for social welfare schemes. However, the expectations from the budget were high on the background of current economic slowdown, and as such seems to be short on matching those expectations, with no specific industry sector focused sops to provide stimulus. While the budget shows focus on long term growth and social development, overall in the current scenario it looks like a mixed budget, falling a bit short of market expectations of more corrective measures. Mukesh Kalra, Founder &amp; CEO - ETMONEY: The Finance Minister's proposal to introduce a new tax regime is a great step towards giving equal chance to every Indian in the lower income segment to maximize their post tax incomes. In the old regime, an individual supporting a larger family &amp; negligible savings was forced to pay higher tax compared to an individual supporting a smaller family or one with no dependents. This created disparity when it came to effective taxation for the former group. In the new regime, the disparity ends &amp; also frees up income in the hands of individuals to give a boost to consumption. Nishant Pitti, Co-Founder &amp; CEO, EaseMyTrip: In tune with the present government vision to encourage Indian travellers to travel more and contribute towards the nation's growth, this budget takes it a step ahead. The budget has focused on promoting tourism &amp; travel with an overall budget of Rs. 2500 crores in year 2020-21. Government aims to develop 100 more domestic airports under the UDAN scheme. To promote travel via railways, the government will focus on more Tejas type trains that will connect tourist destinations in India. The Finance Minister has also laid stress on the development of archaeological sites into iconic sites with on-site museums. Five such sites are- Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur. Government has also announced the renovation of 4 key museums. Rs,150 crore have been allocated for the ministry of culture in 2020-21. We are hopeful that this budget will open new avenues for the travel industry. Sabyasachi Mitter, Founder and Managing Director of Fulcro: The key takeaway for me has been the simplification of tax regimes as well as giving a boost to consumer and investor sentiments. The removal of DDT is a significant move and long overdue as it effectively leads to double taxation. Simplification of personal Income Tax rates by giving the option to tax payers to avail the reduced tax rates by not availing deductions is a welcome step towards a future free from the historical legacy of compliance issues. The focus on encouraging start-ups is also welcome, both in terms of giving relief to the ESOP taxation which has been increased to 5 years. The turnover of availing 100% income Tax benefit has also seen two key changes; increasing the turnover threshold to 100 crores as well as increasing the block of years from which to avail three years of exemption to 10 years from the 7 years presently. All of these will increase the cash in hand of corporates, individuals as well MSMEs leading to a spur in demand. Specifically to the digital ecosystem the aggressive plans to increase the coverage of Fiber to Home being extended to 1 lakh gram panchayats will give a significant boost to the digital ecosystem. The recognition of the need for data and therefore the policy announcement on data centre parks is also a welcome move. Anish Sarkar, CEO, Sodexo BRS India: Sodexo always believes in giving our consumers the freedom of choice; the tax proposals in the budget are also on a similar philosophy. We believe that consumers should have a higher purchasing power – while this announcement will give them the power to choose their tax structure, our consumer base will continue to benefit from the current regime. Sodexo’s solution suite goes much beyond tax-saving products; driving the digitization of corporate cafeterias &amp; factories along with digitizing expense management to achieve workplace efficiency. We are very focussed on enhancing the employee experience of our clients by creating an ecosystem of value-added benefits much beyond tax savings. Devendra Shah, Chairman, Parag Milk Foods Ltd: We happily welcome the government's big push to the India's dairy industry. We are excited to be a part of the government's plan to double India’s milk processing capacity. Strategic measures like increasing the coverage of artificial insemination and eliminating Foot and Mouth Disease (FMD) and Brucellosis in cattle will result in higher yields. While such measures are welcomed, the dairy sector also needs to ensure the yearlong availability of green fodder. We can currently import the green fodder from Australia, Canada and USA. All these collectively help in Increasing milk consumption amongst urban and rural consumers thus attracting new investments and jobs. Navin Khemka, CEO, Mediacom South Asia: What is required is more purchasing power to the Indian middle class. This will help boost demand in the sluggish economy. I hope the investment in infrastructure and kisan express helps in achieving this objective in the long run. Short term, however, I think this budget is status quo. Demand growth could be sluggish and this could continue to impact media investments by corporates. Indroneel Dutt, CFO, Cleartrip: The government has backed its vision to turn India into one of the world’s top tourism hubs by allocating INR 2,500 crore for promoting tourism in general and setting aside a sum of INR 3100 crore for the Culture Ministry to boost regional tourism. What would be wonderful is to have an empowered nodal body comprising of the Govt / OTA / airline, hotel and other industry representatives with the objective of promoting discoverability, ease of booking and fulfilment of our cultural, natural and heritage sites. Introduction of more Tejas Express type trains and the inauguration of several culturally-significant archaeological sites are other much-needed moves. We also welcome the Hon’ble FM’s proposal to develop 100 more airports as well as the doubling of the airline fleet by 2024. This calls for skilled manpower development in parallel. The aim to double the fleet to 1200 in the next 3 years will certainly accelerate the passenger growth rate. Ramesh Kaushik, VP Brand Experience at Blackberrys: The government remains committed to accelerate consumption in budget 2020. Government measures of reducing corporate tax and initiatives to boost MSME sector will definitely help accelerate industrial and corporate growth in the country. Measures like simplifying GST and income tax relief are sure to give requisite push to consumer consumption and demand thereby accelerating growth across industries. Additionally allocation of funds for infrastructural development is a welcome move clearing path for expansion. We expect more measures/announcements specific to the retail industry from the government in the coming future that will give the right impetus to the industry. Sameer Makani, Co-Founder and Managing Director, Makani Creatives: Budget 2020 aims at the betterment of all sections of the society. The key highlight is certainly the tax regime where the government has proposed alternative tax policies and new rates to benefit the taxpayers. The vision to improve the start-up scenario in the country will help in creating more job opportunities and further ensuring the economic growth. The Skill development programme will enable overall personality development In comparison to budget 2019, MSMEs will experience a 71% rise over and above the budgetary allocation. Sudhanshu Agarwal, Founder &amp; Director, Citykart: The announcements made by the government in Union Budget 2020 are a promising move to boost the income and purchasing power of people. So far, the rollout of GST has resulted in gains of about Rs.1 lakh crores to consumers, which is likely to increase further with revised GST laws being implemented from April 2020. Simplification of GST norms will be significant in inspiring consumer demand &amp; consumptions and spur industrial growth. Additionally, allocation of Rs.100 lakh crores for infrastructure development also opens growth prospects for the brands in non-metro cities. However, we feel specific measures pertaining to the retail sector have still not been fully addressed in the budget. Kunal Lakhara, VP of Finance and Operations, Pocket Aces: Budget 2020's revised fiscal deficit target of 3.8% of the GDP seems more realistic and focus on spends/benefits was required to boost the economy. The thrust on entrepreneurship and tax regulations for both startups and taxpayers is a move in the right direction. India is the third largest startup hub globally and the announcement of an investment clearance cell to provide end-to-end support to startup founders will encourage more youth to be job creators. Further, the ability to defer taxes on ESOPs will democratise wealth creation for startup employees, ensuring the right talent is benefitted. Finally, the decision to grant 100% tax exemptions to sovereign wealth funds on their investment in priority sectors will provide the much needed funding boost to the sector and create value in the longer run. Sahil Vaidya, Co- Founder &amp; Director, The Minimalist: Following the announcement of the Union Budget 2020, one thing is certain, is that the Government is heavily focused on becoming an entrepreneurial superpower. By investing in the MSME sector, the Government’s support towards new companies will go a long way in producing high growth business. Furthermore, the tax waiver on ESOPs will enable more talent to place their bets on early stage disruptive start-ups, which have the potential to become the corporates of tomorrow. Among other sectors, the Budget 2020’s focus on start-ups and technology will be a boost to companies that are doing some cutting edge design thinking to enable the best of digital products for a booming digital economy. Sanil Jain, Co-founder, CupShup: The start-up ecosystem in India is not more than a decade old and has come a long way to become the third largest in the world after USA and China. 2019 was not what we can call a good economic growth year but this budget has definitely brought some relief to start-ups. The implementation of the Investment Advisory Cell will aid new start-ups. Deferring the Taxation on ESOPs is definitely a big win as it will go a long way in acquiring and retaining quality talent. While on the other hand, decreasing direct tax to a historic low of 22% will boost export opportunities and drive growth across various industries. Nikhil Mathur, Managing Director – India, GfK: The proposal to boost rural economy, infrastructure and enhance purchasing power of middle class, if implemented well would certainly be fruitful. It could further improve the consumption of consumer durable and electronics. As per GfK data, CE-MDA category registered a volume growth of ~9% in 2019/2018. I think the market is expected to grow in the back of technology companies and given the state of economy we can be hopeful of a better future. Besides, encouraging local manufacturing of mobile phones and semiconductors may fuel the ‘Make in India’ vision.

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