FM announces several measures to increase agricultural production
Finance Minister Arun Jaitley has announced a number of measures, in Budget 2014-15, to increase agricultural production in the country.
The measures announced by Jaitley are essentially aimed at bringing about a 4 percent growth in the agriculture sector in FY15, particularly in the wake of concerns with regard to a weak monsoon – projected to be triggered by El Nino – which can lower farm production.
The key steps which have been announced by Jaitley for bringing about a growth in agriculture sector include the establishment of a price stabilisation fund; steps for setting up agricultural production; irrigation schemes; new agricultural universities; and initiatives to increase warehousing and Internet connectivity in rural areas.
Describing ‘food price volatility’ as a big concern for the agriculture sector, Jaitley has announced Rs 500-crore fund for farm price stabilisation. In addition, an amount of Rs 100 crore has been allocated by the government to set up agriculture infrastructure fund, along with Rs 200 crore for promoting agriculture and horticulture universities in Haryana, Tamil Nadu, and Andhra Pradesh.
Furthermore, with an amount of Rs 100 crore having been proposed to set up Agro Technology Institute in Assam and Jharkhand, Jaitley said: “With a focus to push the infrastructure sector in agriculture the government will allocate Rs 5,000 crore for warehouse infrastructure fund to hike warehousing capacity.”
Source- Financial Chronicle
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