Government bets big on agriculture to reshape rural economy
Projection for the next 2022-23 fiscal in this sector is Tk34,426 crores
Syed Zakir Hossain/Dhaka Tribune
UNB
Publish : 01 Jan 2022, 06:29 PMUpdate : 01 Jan 2022, 06:37 PM
The allocation for the agriculture sector in the upcoming budget is likely to see a significant rise as the government has taken various initiatives for this vital sector to ensure food security, boost the incomes of farmers and create jobs and thus improve the lifestyle of the rural poor.
The total spending in this sector is projected to grow by 10% on average annually to Tk37,707 crore in 2023-24 fiscal, according to a budgetary document obtained by UNB.
The allocation for this sector in the running 2021-22 fiscal is Tk31,912 crore while the projection for the next 2022-23 fiscal is Tk34,426 crore.
The allocation was Tk23,917 crore, Tk21,977 crore and Tk29,725 crore in 2018-19, 2019-20 and 2020-21 fiscals respectively.
This agriculture sector covers the activities of the Ministry of Agriculture, Ministry of Fisheries and Livestock, Ministry of Environment and Forest, Ministry of Land and Ministry of Water Resources.
The document states that agriculture is one of the top priority sectors of the government, as it plays a leading role in advancing the growth path of the economy by enhancing productivity and employment opportunities.
"So, addressing the adverse effects of the Covid-19 pandemic on agriculture was considered urgent."
As per the document, the share of agriculture to GDP in Bangladesh is currently more than 13%, and it is the main source of generating income and employment for the rural people, particularly the poor segment.
To achieve the SDGs and the targets of Vision 2041, the eighth Five Year Plan and National Agricultural Policy 2018, the government has been implementing various programs or projects by innovating and adopting appropriate technology and modern marketing techniques for poverty alleviation and food security.
In the medium term, the official document says, the Ministry of Agriculture has planned to implement several development activities towards increasing environment-friendly and cost-effective agricultural technologies, enhancing mechanization of agriculture, increasing utilization of renewable energy and agricultural land, ensuring women empowerment, introducing ICT in agriculture and familiarizing genetically modified technology.
Besides, the document says, the government has declared a number of stimulus and incentives packages to enable this sector to weather the adverse impacts of the Covid-19 pandemic.
To enhance agricultural production and increase agricultural productivity, the government has been providing cash subsidies amounting to Tk9,500 crore.
To facilitate agricultural mechanization, the government has taken a project of Tk3,020 crore and the implementation of which has begun in the 2020-21 fiscal, the document mentions.
The farmers are getting agricultural machinery at a 50% to 70% subsidized rate on the actual sales price of those machineries.
Government bets big on agriculture to reshape rural economy
The allocation for the agriculture sector in the upcoming budget is likely to see a significant rise as the government has taken various initiatives for this vital sector to ensure food security, boost the incomes of farmers and create jobs and thus improve the lifestyle of the rural poor.
The total spending in this sector is projected to grow by 10% on average annually to Tk37,707 crore in 2023-24 fiscal, according to a budgetary document obtained by UNB.
The allocation for this sector in the running 2021-22 fiscal is Tk31,912 crore while the projection for the next 2022-23 fiscal is Tk34,426 crore.
The allocation was Tk23,917 crore, Tk21,977 crore and Tk29,725 crore in 2018-19, 2019-20 and 2020-21 fiscals respectively.
This agriculture sector covers the activities of the Ministry of Agriculture, Ministry of Fisheries and Livestock, Ministry of Environment and Forest, Ministry of Land and Ministry of Water Resources.
The document states that agriculture is one of the top priority sectors of the government, as it plays a leading role in advancing the growth path of the economy by enhancing productivity and employment opportunities.
"So, addressing the adverse effects of the Covid-19 pandemic on agriculture was considered urgent."
As per the document, the share of agriculture to GDP in Bangladesh is currently more than 13%, and it is the main source of generating income and employment for the rural people, particularly the poor segment.
To achieve the SDGs and the targets of Vision 2041, the eighth Five Year Plan and National Agricultural Policy 2018, the government has been implementing various programs or projects by innovating and adopting appropriate technology and modern marketing techniques for poverty alleviation and food security.
In the medium term, the official document says, the Ministry of Agriculture has planned to implement several development activities towards increasing environment-friendly and cost-effective agricultural technologies, enhancing mechanization of agriculture, increasing utilization of renewable energy and agricultural land, ensuring women empowerment, introducing ICT in agriculture and familiarizing genetically modified technology.
Besides, the document says, the government has declared a number of stimulus and incentives packages to enable this sector to weather the adverse impacts of the Covid-19 pandemic.
To enhance agricultural production and increase agricultural productivity, the government has been providing cash subsidies amounting to Tk9,500 crore.
To facilitate agricultural mechanization, the government has taken a project of Tk3,020 crore and the implementation of which has begun in the 2020-21 fiscal, the document mentions.
The farmers are getting agricultural machinery at a 50% to 70% subsidized rate on the actual sales price of those machineries.