Budget 2014: Modi Government has Big Plans to Boost Agriculture
The government today set up an Agriculture Infrastructure Fund of Rs 100 crores to encourage research and development in the critical area.
Prime Minister Narendra Modi, in his election speeches, expressed concern over the dip in investment needed to finance agricultural development and the farming sector in the country. (Arun Jaitley Targets Fiscal Consolidation; Announces Income Tax Sops)
The government today set up an Agriculture Infrastructure Fund of Rs 100 crores to encourage research and development in the critical area. Finance Minister Arun Jaitley, while presenting the budget for the year 2014-15, said this was necessary to make farming competitive, and give an impetus to investment, both private and public. (Arun Jaitley Provides Big Relief to Income Tax Payers)
Mr Jaitley announced plans to establish centres of excellence in agriculture in Assam and Jharkhand, agriculture universities in Andhra Pradesh and Rajasthan, and horticulture universities in Telangana and Haryana.
The Finance Minister also allocated Rs 8 lakh crores for agriculture credit. An amount of Rs 5000 crores was kept aside to address the need to scientific warehousing, to allow farmers to store their products for long periods. (Finance Minister Sparks Confusion on Fiscal Deficit Target)
He also announced that a long-term rural credit fund would be set up in National Bank for Agriculture and Rural development (NABARD) with an initial investment of Rs 5000 crores to provide long-term refinance support for the farmers. He expected five lakh landless farmers to benefit from the fund. (Sensex Up Over 400 Points)
Mr Jaitley also announced Rs 50 crores for indigenous cattle breeding. Kisan TV, a dedicated visual channel for the farmers, would also be unveiled this year. This channel would, Mr Jaitley said, provide real time information on various issues related to farming and agriculture. (Finance Minister's 'Rs. 100-crore' Schemes Spark Buzz)
"The channel will provide real time information on farming techniques, water conservation, new technologies and organic training," he said while presenting the budget for 2014-15.
"I propose to allocate a sum of Rs.100 crore for this purpose," he added.
