2.4 Vision and development objectives of Bangladesh’s Bioeconomy
Allocating Funds for the Agriculture Sector
The government has launched various initiatives to promote the agricultural sector with the aim of creating a modern, sustainable, and self-sufficient agricultural system. In the fiscal year 2022–2023 a total of Tk. 33,698 crore has been set aside for the agriculture, food security, fisheries, and livestock sectors in order to guarantee food security and sustain regular agricultural production. This amount makes up 4.97 percent of the budget in total. In the FY 2022–2023 budget, Tk. 16,000 crore has been set aside to support fertilisers and other farming activities in an effort to increase agricultural output and support the farming community. Tk 12,660.77 crore had already been distributed by February 2023 to cover fertiliser and other agricultural input subsidies. Furthermore, Tk. 366.24 crore of the Tk. 500 crore allotted for agricultural rehabilitation assistance has already been released. Moreover, Tk. 150 crores has been set aside for seed production programmes in the fiscal year 2022–2023; additionally, a 20 percent electricity bill rebate has been provided for the use of irrigation equipment powered by electricity. An incentive package of Tk. 3,220 crore has been allocated for the distribution of agricultural machinery with the goals of modernising agriculture, increasing production, addressing labour shortages during crucial seasons, and guaranteeing overall food security.
The government of Bangladesh has set several key objectives, which include ensuring food self-sufficiency, promoting the availability of safe and nutritious food, enhancing agricultural productivity, establishing effective marketing strategies, and fostering a profitable agricultural industry. To achieve these goals, the government has implemented a range of policies and initiatives, outlined in strategic frameworks such as Vision 2041, the 8th Five-Year Plan, the National Agriculture Policy 2018, the National Agricultural Extension Policy 2020, and others. Through these efforts, Bangladesh has significantly increased its agricultural output, becoming the third-largest producer of rice globally. The nation also produces enough grain to meet its domestic needs, ranks third in vegetable production, and seventh in potato and mango production. Various strategies have been employed to ensure food security, including crop diversification, improving seed quality through biotechnology, enhancing irrigation with solar power and surface water, promoting organic fertilizers for soil health, and implementing climate-smart agriculture for weather forecasting. Development assistance has been extended through subsidies for seeds and fertilizers, the provision of agricultural machinery to farmers, cooperative efforts in fruit and vegetable production, and the cultivation of fallow land. The government introduced “Krishi Batayon,” allowing farmers to access agricultural services through 499 Agriculture Information and Communication Centers (AICCs) nationwide. Mobile and web applications, such as Krishi Community Radio and Krishok Bondhu Phone Seba-3331, have also made agricultural information readily available. Furthermore, online agricultural marketplaces like “Hortex Bazar” and “Food for Nation” have been launched. In response to the challenges posed by COVID-19, the Ministry of Agriculture devised a comprehensive action plan in 2020, encompassing short-term, medium-term, and long-term strategies. Additionally, the government has implemented measures to support the agricultural sector, including increased subsidies, incentive and support cards for agricultural inputs, reduced irrigation costs, discounted agricultural commodity transportation, and special agricultural loan facilities with low interest rates and flexible terms.