Agricultural credit target for FY’19 up 10% to Rs 11 lakh cr


Team Udayavani, Feb 1, 2018, 12:35 PM IST

New Delhi: In a major bonanza to farmers, Finance Minister Arun Jaitley today announced fixing support price of Kharif crops like paddy at least 50 per cent higher than the cost of production, while raising farm credit target for the next fiscal by 10 per cent to Rs 11 lakh crore.

Presenting the Union Budget 2018-19, Jaitley reiterated the government’s commitment to welfare of farmers saying that the emphasis is to generate higher income for farmers. Prime Minister Narendra Modi has given a clarion call to double the farmers’ income by 2022, he added.

Jaitley said the government has decided to fix the minimum support price (MSP) of coming Kharif (summer sown) crops, which include maize, soyabean and pulses, at least one-and-half times the cost of production.

He said the MSPs of most of rabi (winter sown) crops have already been raised. He said the government will ensure farmers get MSP even if prices fall, for which Niti Aayog will discuss with state governments the putting in place of an institutional mechanism to ensure that farmers get better prices for their produce.

Jaitley said the NDA had promised that farmers will be offered at least 50 per cent more than the cost of production and the government is sensitive towards this. He also proposed hiking the agricultural credit target for the next fiscal by Rs 1 lakh crore to a whopping Rs 11 lakh crore.

The target was Rs 8.5 lakh crore in 2014-15 and has been gradually increasing under the NDA government. The government will set up fisheries and aqua culture infra fund and animal husbandry infra fund with an outlay of Rs 10,000 crore.

Jaitley said that 470 mandis (wholesale market) have been electronically linked under e-NAM (National Agriculture Market) programme out of 585 mandis. The remaining will be linked by March 2018. Jaitley also doubled the allocation of food processing ministry to Rs 1,400 crore.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

No one should be displaced over Waqf land issue in Kerala’s Munambam, says CPI

Non-performance of batters is worrying, we will strive to do something special in Australia: Rohit

K-Rail can be implemented if technical issues in design addressed, says Centre

Naxalism will be wiped out from country by March 2026: Home Minister Amit Shah

How biscuits played an unconventional yet key role in anti-terror operation in Srinagar

Koderma stone industry to be revived with Rs 500 cr special package: Shah

Journalists facing atrocities under BJP regime: SP Chief Akhilesh Yadav

Related Articles More

Maruti Suzuki looks to cash in on ‘few lakh marriages’ in Nov to carry festive sales momentum

Mcap of 6 of top-10 most valued firms jump Rs 1 lakh cr; State Bank, ICICI Bank top gainers

Sensex, Nifty decline on selling in IT shares, FII sellout; end Samvat 2080 with 22% gains

Sensex, Nifty decline in early trade on unabated foreign fund outflows, selling in IT stocks

Gold surges Rs 1,000 to breach Rs 82k-mark as Diwali sparkles demand

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Tom Holland says he Googles partner Zendaya ‘to see if everything’s good’

No one should be displaced over Waqf land issue in Kerala’s Munambam, says CPI

India and China made ‘some progress’ in disengagement, says EAM S Jaishankar

Non-performance of batters is worrying, we will strive to do something special in Australia: Rohit

K-Rail can be implemented if technical issues in design addressed, says Centre

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.