Over 60% of the money will be spent on developing new technologies, crop varieties and new practices to fight climate change.
"There is a new way to promote use of wheat and rice varieties that consume 30-40% less water than traditional varieties. Farmers also need to be educated about early harvesting technologies to check impact of rising temperature," a senior scientist with the Indian Council for Agriculture Research said.
Climate change poses biggest risk to country’s food security as Pune-based Indian Institute for Tropical Meteorology has already shown that global warming was causing erratic monsoon behaviour.
At present, India produces 200 million tonnes of foodgrain, which is enough to meet its domestic demand.
But climate change has adversely impact India’s chances of feeding all its people and successfully implementing the National Food Security law.
Climate change experts say India will not be able to meet the annual increase in demand of 5 to 6% as climate change will either cause the production to stagnate or fall.
Another major financial component is for creating agriculture infrastructure around the country to cater to emerging needs of farmers including network of cold storages and storing capacity to meet emergency situations.
About 6% of the funds to be allocated under the mission will be utilised for research and development of new climate resilient crop varieties, officials said.
The Prime Minister’s Council on Climate Change is expected to take a final call on the financial allocation shortly.