24th September, 2018
Budget Related News

Budgetary Changes in the Farming Sector

In the upcoming budgetary session on February 1, 2017, New Delhi, Finance minister Arun Jaitley might provide extra importance to the farming sector considering how important their support can be in the upcoming state elections in Uttar Pradesh. The changes might include increased loan schemes and opportunities to farmers, state incentives to computerize primary agricultural credit societies (PACs). It will also entail greater funds being allocated to the National Bank for Agriculture and rural Development.

Changes actualized in the farming sector and their affects

The measures adopted by the Government will ensure that the farmers from floriculture and those engaged in production of vegetables and plantations will have added benefits. Moreover, to alleviate the cash crunch in the rural sector due to demonetization, the government will give away Rupay debit cards to 30 million people holding Kisan credit cards and also an interest waiver for those who had taken loans for their rabi crops from cooperative banks.

Other schemes that are being conceptualized

The government will likely continue allocating greater amounts of crop loans to strengthen its farming sector and also introduce subsidized interest rates.