1. Home
  2. News

Karnataka Budget 2023: Emphasis on Agricultural Growth and Advancing Infra Development

Karnataka's budget for 2023-24 concentrates on agriculture, with programmes fostering innovation, FPOs, exports, irrigation, dairy, fisheries, and cooperative loans, as well as overall rural development.

Shivam Dwivedi
Karnataka Budget 2023: Emphasis on Agricultural Growth and Advancing Infra Development (Photo Source: Pixabay)
Karnataka Budget 2023: Emphasis on Agricultural Growth and Advancing Infra Development (Photo Source: Pixabay)

Chief Minister Siddaramaiah presented the Karnataka budget for the 2023-24 fiscal, outlining a comprehensive plan to transform the state's agricultural sector and place a strong emphasis on irrigation and infrastructure development. With substantial allocations for various initiatives, the government aims to foster innovation, strengthen farmer producer organisations (FPOs), boost exports, and improve the livelihoods of farmers and rural communities.

One of the key initiatives outlined in the budget is the revival of the Krishi Bhagya scheme with an allocation of Rs. 100 crore. The scheme aims to provide farmers with necessary agricultural interventions and resources to enhance productivity and sustainability on their farms. To encourage innovation in agro-industries, the government has introduced the 'Navodyama' scheme, which will receive Rs. 10 crore in funding. This investment seeks to promote research and development, technological advancements, and value addition in the agricultural sector.

The government has also introduced several measures to strengthen FPOs. An allocation of Rs. 10 crore will be utilized for branding and marketing FPO products, facilitating better market access for farmers. Additionally, 100 FPOs in backward talukas will benefit from a four percent interest subvention for loans up to Rs. 20 lakh. This support will empower FPOs and enable their active participation in agricultural value chains.

Recognizing the need for improved infrastructure, the budget allocates seed capital up to 20 percent, not exceeding Rs. 1 crore, for FPOs investing in cold storages and godowns. This initiative aims to enhance post-harvest infrastructure, reduce wastage, and ensure better storage facilities for agricultural produce.

To boost agricultural exports, Rs. 5 crore has been allocated to promote the export of agricultural and horticultural produce from the state. This investment will create more market opportunities and positively impact farmers' incomes.

In line with promoting farm mechanization, the government plans to establish 100 hi-tech harvester hubs in 'Custom Hiring Centres' with an allocation of Rs. 50 crore. This initiative aims to encourage farmers to adopt modern agricultural machinery, leading to increased productivity and efficiency in farm operations.

The budget also highlights the importance of branding and promoting indigenous agricultural products such as Coffee, Mysuru Mallige (Jasmine), Nanjangudu Rasabale (Banana), and Mysuru Veelyadele (Beetel Leaves). These branding efforts will not only enhance the visibility and marketability of these products but also contribute to the preservation of traditional agricultural practices and the cultural heritage of the region.

The government is committed to promoting the dairy sector and expanding the popular Nandini brand of dairy products. This will create opportunities for dairy farmers and contribute to the growth of the dairy industry in the state.

In a significant move to support the fishing community, interest-free bank loans for fisherwomen will be increased from Rs. 50,000 to Rs. 3 lakh. Additionally, the quantum of subsidized diesel for fishing boats will be raised to 2 lakh kiloliters with an allocation of Rs. 250 crore. These measures aim to improve the livelihoods of fishermen and boost the fishing industry in the state.

To facilitate access to finance in the cooperative sector, the budget introduces several loan facilities. The limit for interest-free short-term loans will be increased from Rs. 3 lakh to Rs. 5 lakh. Mid-term and long-term loans will be provided at a subsidized interest rate of 3 percent, with the loan limit increased from Rs. 10 lakh to Rs. 15 lakh.

The budget also emphasizes the completion of ongoing irrigation projects, with a focus on lift irrigation schemes and filling tanks to enhance water availability for agricultural activities. The government is committed to expediting the implementation of key projects such as the Yettinahole and Mekedatu projects, while also seeking support from the Union Government for grants and necessary clearances.

Take this quiz on World Meteorological Day to check your knowledge about meteorology! Take a quiz
Share your comments

Subscribe to our Newsletter. You choose the topics of your interest and we'll send you handpicked news and latest updates based on your choice.

Subscribe Newsletters