Telangana Budget: Agriculture gets Rs 24,254 crore
Hyderabad: Continuing its priority to the agriculture and allied sectors, the State government earmarked Rs 24,254 crore in the State budget for 2022-23. The primary sector comprising both these sectors, have contributed to more than 20 per cent in the State’s Gross State Domestic Product (GSDP) indicating an improved income in rural areas of the […]
Hyderabad: Continuing its priority to the agriculture and allied sectors, the State government earmarked Rs 24,254 crore in the State budget for 2022-23. The primary sector comprising both these sectors, have contributed to more than 20 per cent in the State’s Gross State Domestic Product (GSDP) indicating an improved income in rural areas of the State.
The total cultivated area in the State has increased significantly from 1.31 crore acres in 2014-15 to 2.09 crore in 2020-21. Similarly, the paddy production of 68.17 lakh tonnes in 2014–15 has grown upto 2.18 crore tonnes in 2020–21, turning Telangana into the granery for entire India.
In the 2022-23 budget, the State government allocated Rs 14,800 crore for Rythu Bandhu scheme and another Rs 1,466 crore towards Rythu Bima scheme. Both the schemes have accolades from economists and agricultural scientists. Through Rythu Bandhu scheme, the State government deposited Rs 50,448 crores into the accounts of 63 lakh farmers in the past eight seasons. Around 75,501 families received a benefit of Rs 3,775 crores under Rythu Bima scheme.
Loan Waiver
For the next fiscal, the State government has decided upto waive off crop loans upto Rs 75,000 obtained by farmers till December 2018 as per its electoral promise to waive off loans upto Rs 1 lakh in a phased manner. Since 2018, the government waived off loans of 5.12 lakh farmers where loans upto Rs 50,000 would be waived off by the end of March this year.
Oil Palm Cultivation
Considering the huge demand for palm oil, the State has set a target for cultivation of oil palm in 2.5 lakh acres in 2022-23. About Rs 1,000 crore have been allocated in the 2022-23 budget to promote the oil palm cultivation.
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