Covid-19, war and now elections have forced a reversal of the rationalisation of subsidies of the 3Fs food, fertiliser and fuel that was undertaken during the Narendra Modi government’s first term.
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The government is likely to significantly enhance allocation for key farm sector schemes and push credit in the interim Budget to boost rural economy. Growth in the agriculture sector is projected to decelerate to 1.8% in 2023-24. The government is also likely to announce a substantial increase in the agricultural credit target to Rs 22-25 lakh crore for the next fiscal.
Interim Budget 2024: The government is likely to significantly enhance allocation for key farm sector schemes and push credit in the interim Budget to boost rural economy as growth in the agriculture sector is projected to decelerate to 1.8% in 2023-24 from 4% a year ago