#Budget2023/24

Ministry of Agriculture and Livestock Development receives record-high budget allocation

Published On: May 29, 2023 06:03 PM NPT By: Sara Pahari


KATHMANDU, May 29:  The government has allocated Rs 58.98 billion for the Ministry of Agriculture and Livestock Development for the upcoming fiscal year (FY) 2023/24.

Finance Minister Dr Prakash Sharan Mahat announced this while presenting next year's budget in parliament on Monday. For the current fiscal year (FY 2022/23), the government had allocated Rs 55.97 billion under this heading.

This time around, Dr Mahat also announced support for the agriculture sector with the slogan 'Technical service in agriculture, a support to production’.

The government has reduced the funds for the agricultural modernization project for the next fiscal year. The government has allocated Rs 3.22 billion for this project. Last year, the government had allocated Rs 5.9 billion for the same project. 

Similarly, a budget of Rs 950 million  has been allocated for agricultural insurance.

Finance Minister Mahat said that the government has allocated a budget to provide subsidies for agricultural insurance in the next fiscal year.

He said that the government is providing a subsidy of 80 percent of the total insurance fee for agriculture and livestock insurance, and the equivalent amount has been set aside to pay the subsidies. 

Similarly, the government has allocated Rs 1.25 billion rupees to encourage startups.

The budget allocated for the agriculture in the previous fiscal years :

•    Rs 55.89 billion in FY 2022/23

•    Rs 45.05 billion in FY 2021/22

•    Rs 37.4 billion in FY 2020/21

•    Rs 34.83 billion in FY 2019/20

•    Rs 29.94 billion in FY 2018/19

•    Rs 24.26 billion in FY 2017/18

•    Rs 27.43 billion in FY 2016/17

•    Rs 21. 51 billion in FY 2015/16

•    Rs 23. 28 billion in FY 2014/15

•    Rs 21.4 billion in FY 2013/14

 


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