Asianet NewsableAsianet Newsable

Budget 2017: Farmers income to double, MNREGA allocation increased to 48,000 cr

  • Agriculture is expected to grow at the rate of 4.1%
  • Modern law of contract farming to be adopted
  • MGNREA allocation has been increased to 48,000 crore
Budget 2017 Farmers income to double MNREGA allocation increased to 48000 cr

 

Finance Minister Arun Jaitley started reading out the copy of Budget and spoke on how demonetisation has been the most effective measure taken by the Centre to curb illegal transaction of money.

Jaitley declared that the budget will be presented in 10 themes namely

1)      Farmers
2)      Rural population
3)      Youth
4)      Poor and underprivileged
5)      Infrastructure
6)      Financial sector
7)      Digital economy
8)      Public service
9)      Prudent fiscal management
10)   Tax administration honouring the honest

 

This is what is in store for the farmers in this year’s Budget:

Agriculture is expected to grow at the rate of 4.1% in the year 2017-18. Rs 10 lakh crore of agriculture credit will be provided for farmers Modern law of contract farming will be adopted. Credit for farmers will also boost tractor trade. However, 60 day interest waivers for farmers will continue.

 

Allocation under MNREGA increased to 48,000 crore from Rs 38,500 crore. This is highest ever allocation, says FM. Jaitley said that he expects to double the earning of farmers in five years through the various schemes introduced for the benefit of agriculturists.

 

Highlights

  • The allocation for rural agri and allied sector in 2017-18 is record Rs 1,81,223 crore
  • Space technology to be used for monitoring MNREGA implementation
  • Market reforms will be undertaken, states will be asked to denotify perishables from Essential Commodities Act
  • Dedicated micro-irrigation fund to be created with a corpus of Rs 5000 crore.
  • Modern law on contract farming will be drafted and circulated to states
  • Participation of women in MNREGA increased to 55 pc from 45 pc in past
  • Govt to set up dairy processing fund of Rs 8,000 crore over three years with initial corpus of Rs 2,000 crore.
  • Rs 9,000 cr higher allocation for payment of sugarcane arrears
  • Mini labs by qualified local entrepreneurs to be set up for soil testing in all 648 Krishi Vigyan Kendras in the country

 

Follow Us:
Download App:
  • android
  • ios