Budget 2017-18 : Agriculture Sector Perspective

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For the rural and agri sectors, the Budget apparently took many proactive steps.

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 Budget 2017-18 : Agriculture Sector Perspective


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Union Budget 2017-18 once again primarily focused on the rural economy and the agriculture sector. The budget gave a push to reforms in agricultural marketing. Proposed new model law on contract farming is on the anvil. Funding for crop insurance [Pradhan Mantri Fasal Beema Yojana] (PMFBY) has been increased from Rs.5,500 crore to Rs.9,000 crore. The crop insurance coverage area has been increased from the existing 30% to 40%. [Refer Bodhi Resources for downloads] Agriculture credit disbursement target has been raised from Rs.9 trillion to Rs.10 trillion. This would help more farmers to avail agriculture loans. [1 trillion = 1 lac crores]

 An allocation of additional Rs.20,000 crore has been given to NABARD for the long term irrigation fund. Rs.5,000 crore allotted for setting up dedicated micro irrigation fund. Assistance would be provided to rural entrepreneurs to set up soil testing labs in the Krishi Vigyan Kendras. Rs.19,000 crore support would be provided to NABARD to enable it to bring co-operative banks under core-banking platform. A Dairy Development Fund of Rs.8,000 crore would be set up under NABARD. The main feature of the budget is that all allocations made for the agricultural sector are in the form of funds to be created under institutions like NABARD. This would allow the government to use these funds for the government schemes for the agriculture sector. You can refer to Bodhi resources page for downloading the PDFs of Economic Survey and Union Budget. 



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Bodhi Booster: Budget 2017-18 : Agriculture Sector Perspective
Budget 2017-18 : Agriculture Sector Perspective
For the rural and agri sectors, the Budget apparently took many proactive steps.
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