1. Home
  2.  |  
  3. Economy Current Affairs |  

Union Budget 2014-15: Agriculture Sector

Jul 10, 2014 16:33 IST

Union Finance Minister, Arun Jaitely on 10 July 2014 presented Union Budget 2014-15. The Budget 2014-15 was the maiden budget for the newly formed Government of NDA led by PM Narendra Modi.

The Union Government introduced many funds like Agri-tech Infrastructure Fund, National Adaptation Fund, Price Stabilization Fund to improve country’s Agricultural sector.

Highlights
‰

• An amount of 100 crores rupees set aside for Agri-tech Infrastructure Fund.

• 200 crore provided to open Agriculture Universities in Andhra Pradesh and Rajasthan and Horticulture Universities in Telangana and Haryana.

• A scheme to provide every farmer a soil health card in a Mission mode will be launched.

• 100 crore rupees has been provided for this purpose and additional 56 crores rupees to set up 100 Mobile Soil Testing Laboratories across the country.

• To meet the vagaries of climate change a National Adaptation Fund with an initial sum an amount of 100 crore rupees will be set up.

• A sustainable growth of 4 percent in Agriculture will be achieved.

• Technology driven second green revolution with focus on higher productivity and including Protein revolution will be area of major focus.

• To mitigate the risk of Price volatility in the agriculture produce, a sum of 500 crore rupees is provided for establishing a Price Stabilization Fund.

• Central Government to work closely with the State Governments to re-orient their respective Agricultural Produce Marketing Committee (APMC) Acts.

• Sum of 50 crores rupees provided for the development of indigenous cattle breeds and an equal amount for starting a blue revolution in inland fisheries.

• Transformation plan to invigorate the warehousing sector and significantly improve post-harvest lending to farmers.

Agriculture Credit
‰
• To provide institutional finance to landless farmers, it is proposed to provide finance to 5 lakh joint farming groups of Bhoomi Heen Kisan through NABARD .

• A target of 8 lakh crore rupees has been set for agriculture credit during 2014-15.
‰
• Corpus of Rural Infrastructure Development Fund (RIDF) raised by an additional 5000 crore rupee from the target given in the Interim Budget to 25000 crores rupees.

• Allocation of 5000 crore rupee provided for the Warehouse Infrastructure Fund.

• Long Term Rural Credit Fund to set up for the purpose of providing refinance support to Cooperative Banks and Regional Rural Banks with an initial corpus of 5000 crore rupees.‰

• Amount of 50000 crore rupees allocated for Short Term Cooperative Rural Credit.

• Sum of 200 crore rupees for NABARD’s Producers Development and Upliftment Corpus (PRODUCE) for building 2,000 producers organizations over the next two years.

Food Security
‰
• Restructuring FCI, reducing transportation and distribution losses and efficacy of PDS to be taken up on priority.

• Government committed to provide wheat and rice at reasonable prices to the weaker sections of the society.
‰
• Government when required will undertake open market sales to keep prices under control.


‰

Is this article important for exams ? Yes78 People Agreed

DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK