Budget: farming sector gets a boost

Rs 35,984 crore allocated for agriculture and farmers’ welfare

GN Bureau | February 29, 2016


#Budget 2016   #Arun Jaitley  

In the budget 2016-17, union finance minister Arun Jaitley announced schemes for agriculture and farmers’ welfare and allotted Rs 35,984 crore for the same.

Jaitley said that the government would reorient its interventions in the farm and non-farm sectors to double the income of farmers by 2022. Strengthening the pradhan mantri krishi sinchai yojana, 28.5 lakh hectares will be brought under irrigation under the scheme while implementation of 89 irrigation projects under accelerated irrigation benefits programme (AIBP) will be fast-tracked.

Jaitely further said that the government will undertake three major schemes to help the weaker sections, wherein pradhan mantri fasal bima yojana has already been announced providing it with Rs 5,500 crore. Under the scheme, the farmer will pay a nominal amount of insurance premium and get the highest ever compensation in the event of any loss suffered.

The finance minister announced creation of a dedicated long term irrigation fund in the national bank for agriculture and rural development (NABARD) with an initial corpus of about Rs 20,000 crore. To achieve all these, a total provision of Rs 12,517 crore has been made through budgetary support and market borrowings in 2016-17. He also said that simultaneously a major programme for sustainable management of ground water resources has been prepared with an estimated cost of Rs 6,000 crore and proposed for multilateral funding. He said at least five lakh farm ponds and dug wells in rain-fed areas and 10 lakh compost pits for production of organic manure will be taken up by making use of allocations under MGNREGA.

Jaitley said the soil health card scheme will cover all 14 crore farm holdings by March 2017, adding that 2,000 model retail outlets of fertilizer companies will be provided with soil and seed testing facilities during the next three years.

In the budget, focus has been given to adequate and timely flow of credit to the farmers. Against the target of Rs 8.5 lakh crore in 2015-16, the target for agricultural credit in 2016-17 will be Rs 9 lakh crore. To reduce the burden of loan repayment on farmers, a provision of Rs 15,000 crore has been made towards interest subvention.
 

Comments

 

Other News

From Shah Bano to Shayara Bano: How Rajiv’s blunder undid secularism

History could have repeated itself as a farce, but in the triple talaq case today, there has been no replay. A historic blunder has been undone, though it has taken three decades. The supreme court has once again taken a stance in favour of individual freedom and against fundamentalism &nda

Train passengers die as rail safety panel recommendations gather dust

 The derailment of Puri-Haridwar Kalinga Utkal express at Khatauli has once again raised serious questions on the railways’ safety claims. At least 21 people were killed and many were injured. The derailments over a period of a few months are giving sleepless nights to the top railway.

Political parties support triple talaq verdict

The BJP as well as the Congress welcomed the supreme court judgment that bars instant triple talaq for a period of six months and also seeks a legislation on it.   BJP chief Amit Shah said that he welcomes this on behalf of the party and added “it’s not about anyo

5 judges, 5 faiths, 1 verdict

Five judges from five different faiths deliberated upon and decided that instant triple talaq is to be struck down for a period of six months and the government should bring a legislation over it.   The supreme court bench was headed by chief justice of India J S Khehar, who

REC, PFC didn’t conduct appropriate due diligence: CAG

Rural Electrification Corporation Limited (REC) and Power Finance Corporation Limited (PFC) did not conduct appropriate due diligence during credit appraisal in power generation projects and in the process assumed higher risks on the loan accounts, noted the Comptroller and Auditor General (CAG) in a rep

Triple talaq verdict historic, says Modi

Prime minister Narendra Modi described as “historic” the supreme court judgment that struck down triple talaq for a period of six months.   “Judgment of the Hon`ble SC on Triple Talaq is historic. It grants equality to Muslim women and is a powerful measure



Video

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter