Allocation for agriculture up 18 percent

New Delhi, March 16 (IANS) According priority to agriculture, Finance Minister Pranab Mukherjee Friday proposed an 18 percent increase in the total plan outlay of the department to Rs.20,208 crore in Budget 2012-13.

"Agriculture will continue to be a priority for the government," said Mukherjee, adding the outlay for the Rashtriya Krishi Vikas Yojana (RKVY) will be Rs.9,217 crore from Rs.7,860 crore last year.

Stating the initiative of Bringing Green Revolution to Eastern India (BGREI) has resulted in a significant increase in production and productivity of paddy, the finance minister increased allocation for the scheme from Rs.400 crore in 2011-12 to Rs.1,000 crore in 2012-13.

He said the National Food Security Bill 2011 is before a Parliamentary Standing Committee, and added that a multi-sectoral programme to address maternal and child malnutrition in selected 200 high burdened districts will be rolled out during 2012-13.

To improve productivity in the dairy sector, a Rs.2,242 crore project is being launched with World Bank assistance, while Rs.500 crore will be spent to broaden the scope of production of fish to coastal aquaculture, from fresh water aquaculture, he said.

He increased allocation for the Accelerated Irrigation Benefit Programme (AIBP) by 13 percent to Rs.14,242 crore and proposed Rs.200 crore for incentivising agriculture research.

Underlining the importance of timely access to affordable credit for farmers, the finance minister proposed to raise agricultural credit target to Rs.5,75,000 crore, an increase of Rs.1,00,000 crore over 2011-12.

He said a short term Regional Rural Bank (RRB) Credit Refinance Fund is being set up to enhance the capacity of RRBs to disburse short term crop loans to the small and marginal farmers.

Mukerjee said the Kisan Credit Card (KCC) will now be transformed into a smart card which could be used at ATMs.

He said the interest subvention scheme for providing short term crop loans to farmers at 7 percent interest per annum will be continued in 2012-13.

Besides, an additional subvention of 3 percent will be available to prompt paying farmers, he said.

In addition, the same interest subvention on post harvest loans up to six months against negotiable warehouse receipt will also be available, said the Budget.

"This will encourage the farmers to keep their produce in warehouses," said Mukherjee.

Quiz: How well do you know India's economy?

Question 1

Which of these products is India the world's largest producer of?

Poll Choice Options
  • Wheat
  • Rice
  • Milk

Latest News

  • Fed should beef up low-rate vows, two officials say

    FARGO North Dakota/BANGOR Maine (Reuters) - The U.S. Federal Reserve ought not to raise interest rates until the economy is much closer to full strength, two of the Fed's most dovish policymakers said on Tuesday. "If you commit to keeping rates low even as the recovery is proceeding, even as we continue to recover, I think people have a sense, the Fed has the recovery’s back," Minneapolis Federal Reserve Bank President Narayana Kocherlakota said at North Dakota State University. If households …

  • China economic growth slows to 18-month low in Q1

    China's economy grew at its slowest pace in 18 months in the first quarter of 2014, official data showed on Wednesday, with signs of waning momentum already prompting limited government action to steady the world's second-largest economy. Authorities have ruled out major stimulus to fight short-term dips in growth, and some analysts think the economy will continue to lose momentum into the middle of the year. It was China's slowest annual growth since the third quarter of 2012, when growth …

  • Asian shares offer muted cheer to China growth

    Asian share markets were mostly in the black on Wednesday after China reported economic growth a touch above forecasts, a relief for investors who had feared a much weaker outcome. China's economy grew 7.4 percent in the first quarter, from a year earlier, pipping forecasts of 7.3 percent. …

  • Nikkei extends gains after Japan Fin Min Aso's comments

    Japan's Nikkei share average extends gains on Wednesday following vague comments from Japanese Finance Minister Taro Aso on the country's $1.26-trillion government pension fund, which traders took to mean ... …

  • China Q1 economic growth slows to 7.4 percent

    China's annual economic growth slowed between January and March 2014 to 7.4 percent from 7.7 percent in the previous three months, but beat market expectations for growth of 7.3 percent, data showed on ... …


  • This might well be India’s biggest Ponzi scam

    It was just too good to be true. Ashok Khital, 45, displays every symptom of a man who knows he's been conned. …

  • India's star studded football league

    High and mighty including Sachin, Salman & Sun Group buy ISL teams …

  • Leaderspeak with Rajesh Janey

    Rajesh Janey, President - India & SAARC, EMC shares many firsts in his life. …

  • Power Hungry

    Gujarat has power round-the-clock. Most other states do not. Why this will matter in the general elections. …

  • Etcetera

    The most keenly watched contest of the current general election will be the one for the Varanasi parliamentary seat, where the Bharatiya Janata Party's prime ministerial hopeful Narendra Modi squares off ... …

  • Economy vs Democracy

    As the country gets election fever, cash comes out of mattresses and turns into liquor, gifts, and food. But it is not bad for the health of the economy, reports Sarika Malhotra from the trenches. …

  • Bracing for Challenges

    Raghuram Rajan is preparing to deal with concerns that may arise when a new government takes charge. …


  • Most Actives
    Most Actives
    NamePriceChange% Chg
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg
    Recent Quotes
    Symbol Price Change % ChgChart 
    Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
    You need to enable your browser cookies to view your most recent quotes.
  • Recent Quotes News

      Sign-in to view quotes in your portfolios.