The Union Finance Minister Arun Jaitley on 1 February 2017 presented the Union Budget 2017 in the Lok Sabha. In the independent India, this will be the 87th budget and the third of the Modi Sarkar.
The Budget 2017 will focus on ten major themes- Farmers, Rural population, Youth, Poor and underprivileged health care, Infrastructure, Financial sector for stronger institutions, Speedy accountability, Public services, Prudent fiscal management, Tax administration for the honest.
The Budget 2017 has identified Agriculture Sector as one of the key drivers of the economy. Accordingly, Arun Jailtley announced following initiatives:
• In the year 2017-18, agriculture is expected to grow at 4.1 per cent.
• Target for agricultural has been fixed at a record Rs 10 lakh crore for FY 2017-18.
• In the current year, around Rs 10 lakh crore will be given as credit to the farmers with 60 days interest waiver.
• Provision of adequate flow of credit to farmers in eastern states as well as to the small and marginal farmers across India.
• The Cabinet has approved extension of tenure of loans under Credit Linked Subsidy Scheme of the Pradhan Mantri Awas Yojana from 15 to 20 years.
• A dedicated micro-irrigation fund will be set up by NABARD to achieve the goal of 'Per Drop More Crop'. Its initial corpus will be Rs 5000 crore.
• The fund for Pradhan Mantri Fasal Bima Yojana, which was launched last year, has been increased to Rs 13240 crore this fiscal from budgeted Rs 5500 crore. The allocation for the next fiscal has been earmarked at Rs 9000 crore.
• The coverage of Pradhan Mantri Fasal Bima Yojana will be increased from 30 per cent of the cropped area in 2016-17 to 40 per cent in 2017-18 and to 50 per cent in 2018-19.
• Mini Labs will be constructed by the Union Government to provide upgraded facilities to the farmers.
• A long term irrigation fund has been created in NABARD with the fund allocation of Rs 40000 crore.
• A dedicated fund will be created by NABARD with initial corpus of Rs 5000 crore which will be increased thereafter.
• Market reforms will be launched to give opportunities to farmers to integrate for better price realization.
• Dairy Processing Facilities will be provided to the farmers and Milk Processing Units with Rs 8000 crore corpus will also be constructed.