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Budget 2023: Government announces Agriculture Accelerator Fund, agri credit boosted to Rs 20 lakh crore

Finance Minister Nirmala Sitharaman who presented the Union Budget today announced that the agriculture credit target will be raised to Rs. 20 lakh crores which will primarily focus on animal husbandry, dairies and fisheries.

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Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman who presented the Union Budget today announced that the agriculture credit target will be raised to Rs. 20 lakh crores which will primarily focus on animal husbandry, dairies and fisheries.

Sitharaman who presented her fifth consecutive budget at 11: am today, announced that the Union government will introduce Agriculture Accelerator Fund to boost agriculture startups by young professionals, especially in rural areas.

The move is aimed at introducing affordable solutions to challenges faced by farmers and provide modern technology to increase productivity and profitability. She said the government will adopt a cluster-based approach to promote collaboration between farmers, state and industry for input supply, extension service sand market linkages.

Rs 2200 crore will be earmarked for this collaboration, she added.

Read Also: Budget 2023 will meet expectations of every section, says MoS Finance Pankaj Chaudhary

Sitharaman added that the government will launch a sub-scheme “PM Sampade Yojna” for fishermen and small entrepreneurs with a target investment of Rs 6,000 crores.

Sitharaman said in her speech that in order to make India a global hub for Shree Anna Research, premier agricultural research institute, Indian Institute of Millets Research in Hyderabad will be transformed into a centre of excellence.

This is the Narendra Modi-led BJP government’s last full-fledged Budget before the Lok Sabha polls early next year. Union Budget 2023-24 is also the first normal budget after the coronavirus pandemic.

On Tuesday, Prime Minister Narendra Modi along with President Droupadi Murmu started the Budget Session and addressed the Lok Sabha and Rajya Sabha. In his address, PM Modi said the budget will aim to fulfill the hopes and aspirations of the common citizen.

Budget 2023: Higher spending on education, healthcare; lower fiscal deficit likely

Union Budget 2023: Budget to be presented today at 11 am, know the full schedule here

India News

Meta to eliminate 8,000 jobs in major restructuring shift

A major controversy has erupted after Norway’s largest newspaper published a cartoon depicting PM Narendra Modi as a snake charmer, drawing widespread allegations of racism and a colonial mindset.

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In an effort to streamline operations and aggressively fund its pivot toward artificial intelligence, Meta Platforms has announced a fresh round of workforce reductions. The corporate decision will impact approximately 8,000 employees globally, translating to nearly 10 per cent of its total workforce. In addition to the workforce downsizing, the technology giant will also eliminate 6,000 currently open job positions across various teams.

Strategic reallocation toward advanced technology

According to an internal memo sent to staff by Chief People Officer Janelle Gale, the workforce adjustments are scheduled to take effect from May 20. Gale acknowledged that the announcement brings unwelcome news and places teams in an uneasy position, but maintained that the choice represents the best path forward given the company’s current operational demands. The organizational overhaul comes as the parent company of Facebook and Instagram drastically increases its capital expenditure to support high-cost AI infrastructure, models, and specialized technical talent.

The tech major has actively adjusted its spending trajectory, with projections for the current financial year mounting significantly to fund developments such as specialized data centers, high-performance automated software, and compensation packages intended to capture top-tier industry experts. Media reports indicate that the company is looking to build smaller, more agile product development structures that utilize advanced computing tools to achieve output targets traditionally requiring much larger operational divisions.

Corporate focus shifts to lean operations

Chief Executive Mark Zuckerberg has previously emphasized that advanced digital tools are altering internal production cycles, allowing smaller engineering units to deliver applications in shorter timeframes. While leadership maintains that automation is intended to enhance worker output rather than entirely swap out human professionals, the sheer scale of the restructuring has triggered broader anxieties regarding corporate workforce security across the silicon landscape.

For the affected workforce in the United States, the organization has laid out a severance structure offering 16 weeks of base compensation alongside an additional two weeks of pay for every completed year of service. The company will also sustain health coverage for eligible workers and their dependents for a span of 18 months. For professionals impacted in international jurisdictions, severance support is expected to align with regional legal guidelines alongside dedicated immigration and career placement guidance. Finance Chief Susan Li noted that the enterprise continues to evaluate its optimal structural size as new technological implementation rapidly transforms the capacity and daily output expected from single personnel units.

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Mamata Banerjee says BJP will be removed from Centre in coming days

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West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee on Tuesday launched a sharp attack on the BJP-led central government, saying the party “will be removed from power in Delhi in the coming days” following the Trinamool Congress’s defeat in the 2026 West Bengal Assembly elections.

According to reports, Mamata Banerjee made the remarks during a meeting with TMC MLAs and senior party leaders at her Kalighat residence in Kolkata. She reportedly urged party workers not to lose morale and asked them to continue strengthening the organisation at the grassroots level.

The statement comes days after the BJP secured a historic victory in West Bengal, ending the Trinamool Congress’s long rule in the state. Senior BJP leader Suvendu Adhikari recently took oath as West Bengal’s first BJP chief minister after the party won a clear majority in the Assembly elections.

During the meeting, Mamata Banerjee also reportedly accused the BJP of using pressure politics and “bulldozer culture” against opposition parties. She signalled that the TMC would continue to oppose the BJP aggressively at the national level despite losing power in Bengal.

The political atmosphere in West Bengal has remained tense after the election results. Several TMC leaders have questioned different aspects of the polls, while the BJP has dismissed the allegations and described the result as a mandate for political change in the state.

The BJP’s victory marked a major political shift in Bengal politics. After years of emerging as the principal opposition force, the party finally crossed the majority mark in the 2026 Assembly election and formed the government in the state.

Political observers believe Mamata Banerjee’s latest remarks are aimed at keeping opposition unity alive nationally while the Trinamool Congress focuses on rebuilding its organisation in West Bengal after the electoral defeat.

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Over 2,000 trucks stranded on Manipur’s NH-2 as Kuki and Naga blockades continue

Rival blockades by Kuki and Naga groups have disrupted movement on Manipur’s NH-2, leaving thousands of trucks stranded and affecting essential supplies.

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Thousands of trucks remained stranded along National Highway-2 in Manipur as rival blockades and shutdowns by Kuki and Naga organisations continued, severely affecting the movement of essential supplies and passenger vehicles across the state.

The crisis follows tensions triggered by the May 13 ambush incident in the hill districts, which led to allegations of abduction and detention from both communities. The parallel protests have disrupted transport on NH-2, considered one of Manipur’s key lifelines connecting the state with Nagaland.

The United Naga Council announced an inter-district economic blockade in Naga-inhabited areas, claiming that several Naga civilians, including pastors, are still missing despite search operations and repeated appeals to authorities.

At the same time, Kuki Inpi Manipur extended its shutdown for another 48 hours, alleging that the government had failed to rescue missing Kuki persons reportedly taken hostage in Senapati district.

The prolonged blockade has caused major hardship for truck drivers and passengers stranded on the highway, with reports of shortages of food, drinking water and other essentials. Local residents, Assam Rifles personnel and transport unions have been assisting stranded travellers with relief materials.

Officials said security forces have intensified search and domination operations in vulnerable areas of Churachandpur and Kangpokpi districts following intelligence inputs regarding militant movement. Surveillance and combing operations have also been stepped up in sensitive hill regions to restore normalcy.

Authorities earlier stated that over 38 people were initially reported missing after the violence, though 32 individuals have since returned safely. Efforts are continuing to trace those who are still unaccounted for.

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