Finance Minister AHM Mustafa Kamal on Thursday proposed an allocation of Tk 140.53 billion aiming to develop the sector.
The proposed allocation is Tk 1.39 billion more than that of previous year's allocation, as per a report on UNB agency.
The minister came up with the proposal while unveiling the national budget for the fiscal year 2019-20 (FY20) in parliament.
Mustafa Kamal said activities for the innovation of crop varieties tolerant to flood, drought, salinity and high temperature by conducting applied research will get priority in the next fiscal year in order to adapt to the adverse effects of climate change.
He said mechanisation of harvesting and the follow-up activities will be encouraged and subsidies will be provided to farmers to buy machinery for this purpose.
"As many as 15 new varieties of different crops and 10 climate resilient technologies have been innovated in the current fiscal year. A total of 329 high-yielding varieties of different crops tolerant to salinity and water submergence have been innovated since 2009," he said.
Besides, 47 extension of crop diversification, popularising organic pest management activities and mechanisation of farming will be reinforced, said the minister.
He also announced that the government will continue successful interventions, such as agricultural subsidies, other agricultural input incentives and support cards, including those for fertilisers and seeds, support for agricultural rehabilitation, agriculture credit at easy terms, etc.
A total of Tk. 52.01 billion was spent on this sector in FY18.
The present government has kept the sales price of fertilisers unchanged in the domestic market with a view to protect farmers' interests even though the import price of major chemical fertilisers increased at times, which has indirectly assisted in checking consumer price inflation.
The sales price for chemical fertilisers will be kept unchanged in the next fiscal year irrespective of their import costs, and incentives for the agriculture sector will continue, said the Minister.
