Union Finance Minister Nirmala Sitharaman Announces the Establishment of an Agriculture Accelerator Fund in Budget 2023
On February 1st 2023, Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023 in the Parliament of India. The budget speech serves as an annual update on the country’s economic performance and outlines the government’s spending plans and policies for the upcoming fiscal year.
In her speech, the Finance Minister announced the establishment of an Agriculture Accelerator Fund with the aim of encouraging agri-startups by young entrepreneurs in rural areas. The Minister emphasized the importance of promoting entrepreneurship in agriculture and stated that this fund will provide support to young entrepreneurs who are looking to start new ventures in the agricultural sector.
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In addition to the Agriculture Accelerator Fund, the Finance Minister also announced an increase in the agricultural credit target. The target has been increased from ₹18 lakh crore to ₹20 lakh crore, a YoY increase of 11.11%. This increase in agricultural credit is aimed at providing financial support to farmers and ensuring the growth and development of the agricultural sector.
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This Budget 2023 is the last full-fledged Union Budget of the Modi government before the 2024 Lok Sabha elections. The budget speech reflects the government’s commitment to promoting entrepreneurship and providing support to farmers, two critical components of a thriving and sustainable economy.
