The country's general budget is going to be presented on 1 February. People of every section have expectations from this budget. In such a situation, it is being speculated that this budget will be farmer friendly. Farmers contribute more than 15 percent to the total GDP of the country. It also provides employment to more than 45 percent of Indians. India's agriculture sector has achieved an average annual growth rate of 4.18 percent in the last five years. At first glance the figures look good for Indian agriculture. This time's budget can prove to be a budget that changes the fortunes of farmers.

increase in numbers

The crisis in India's agricultural sector is continuously deepening. The number of farmers in India has increased by 56 million during 2020-2022. Despite this, they did not get many opportunities to go into other production fields outside farming. With this change, it has become necessary that the government takes concrete steps for the production and development of the agricultural sector.

farmers' demand

Farmers have put forward many important demands from Finance Minister Nirmala Sitharaman. There is a demand to reduce the interest rates on agricultural loans. The interest rate on loan should be reduced by 1 percent. The annual installment in PM-KISAN should be increased from Rs 6,000 to Rs 12,000. Small farmers should be insured at zero premium under the Prime Minister Crop Insurance Scheme. GST on seeds, agricultural machinery and fertilizers should be reduced. PHD Chamber of Commerce has recommended reducing GST on pesticides from 18 percent to 5 percent.

Can cause harm to the economy

If farmers' issues are not resolved in time, it can harm India's economy in the long run. Due to this, Modi government's dream of making India a developed nation by 2047 may also be affected. Meanwhile, the government has announced a special package for Di-Ammonium Phosphate (DAP) in January 2025. Under this package, a subsidy of Rs 3,500 per tonne will be given to stabilize the prices of DAP and in the global market. In such a situation, the government will try to include these issues in this time's budget.