More jam for the kisan, and bread for India
Posted by Labels: Agriculture and Farming, Budget, Growth
Hoping to nurse the agriculture sector back to good health, finance minister Pranab Mukherjee has increased allocation under this head by 18% to Rs 20,208 crore, enhanced interest subvention for famers paying their loans on time by 3%, and promised greater commitment to allied areas like building storage and irrigation facilities.
With investment in the new growth zone of eastern India showing good results -- an additional paddy production of seven million tonnes in the kharif season of 2011, Mukherjee has allocated an extra Rs 600 crore on the second Green India mission, taking it to Rs 1,000 crore for 2012-13.
There is relief for farmers who borrow from the formal sector. The interest subvention scheme for short-term crop loans to farmers at 7% interest per annum was extended by a year and an additional subvention of 3% was offered for timely repayment of loans. Post-harvest loans will also get 3% interest subvention against negotiable warehouse receipts.
Mukherjee announced that the existing schemes on raising agricultural productivity would be reworked in mission mode under the 12th five-year plan. These include the National Food Security Mission, National Mission on Sustainable Agriculture including Micro Irrigation, National Mission on Oilseeds and Oil Palm, National Mission on Agricultural Extension and Technology, National Horticulture Mission and a World Bank-supported, Rs 2,242-crore National Mission for Protein Supplement.
The allied areas which boost the primary sector - like irrigation and warehousing -- too got the finance minister's attention on Friday. He announced that Viability Gap Funding under the Scheme for Support to PPP in infrastructure to attract private investment would be extended to irrigation, terminal markets, common infrastructure in agriculture markets and capital investment in fertilizer sector.
A National Mission on Food Processing was also launched. It will be carried out in tandem with state governments, pushing for greater value addition to the sector. Investment-linked deduction of capital expenditure would be provided at the enhanced rate of 150% -- a rise of 50% over last year for cold chains and warehouses for storage of food grains.
The Times of India
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