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Farmers Seek 10% Budget Share as Subsidies Rise 47%

Industry: Agriculture & Livestock

Stakeholders in the agriculture sector are anticipating a significant increase in subsidy allocation for the upcoming fiscal year 2024-25 due to adverse farming conditions. The government has already raised the subsidy by 47% for the current fiscal year, attributing the hike to various factors including global fertilizer price surges and currency devaluation. Analysis shows a consistent rise in agricultural subsidies over recent years, though still below 6% of the total budget. Experts emphasize the need for at least 10% allocation considering global food market volatility and domestic food security concerns. They stress the importance of supporting farmers’ productivity through access to essential resources like seeds, fertilizers, and irrigation facilities. Suggestions include increasing subsidies for livestock and fisheries, supporting agro-processing industries, and VAT exemptions on fertilizer imports. Effective implementation of existing initiatives, such as discounts on electricity bills for irrigation, is also urged to benefit all farmers, especially marginal ones. Overall, stakeholders emphasize prioritizing the needs of farmers and agro-industries in budgetary decisions.

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